13 Bankers: The Wall Street Takeover and the Next Financial Meltdown — EPILOGUE

1. 1. The Dodd-Frank Act, signed into law on July 21, 2010, was intended to reform Wall Street but was weakened by industry lobbying.
2. 2. The Volcker Rule, which aimed to ban proprietary trading by banks, was significantly weakened in its final version, disappointing its namesake Paul Volcker.
3. 3. Goldman Sachs settled SEC charges for $550 million over its role in subprime mortgage CDOs, but admitted no wrongdoing.
4. 4. JPMorgan Chase executives dismissed senators as 'ignorant' in internal memos, reflecting Wall Street's contempt for regulatory oversight.
5. 5. The Treasury Department under Obama worked to defeat a derivatives proposal considered crucial for Wall Street reform.
6. 6. Former regulators quickly moved to lobby on behalf of Wall Street after leaving government, undermining reform efforts.
7. 7. The Magnetar Trade involved a hedge fund betting against mortgage securities while helping to create them, prolonging the housing bubble.