"The Fox is Guarding the Hen House": Arianna Huffington on the Folly of Reg Reform

"The Fox is Guarding the Hen House": Arianna Huffington on the Folly of Reg Reform.

Final negotiations on regulatory reform begin Thursday and House-Senate conference committee chair Barney Frank (D-Mass.) has set a "very aggressive schedule" for the reconciliation process, House Majority Leader Steny Hoyer said Wednesday.

That's all well and good but "everybody knows" the bill, "would not have prevented what happened from happening" had it been on the books in 2008, says Arianna Huffington, co-founder and editor-in-chief of The Huffington Post. Reg reform "doesn't deal with too big to fail, and everybody knows dealing with too big to fail is at the heart of dealing with systemic risk."

And furthermore, Wall Street has "thousands of lobbyists in Washington making sure the bill that will emerge from conference is going to be full of loopholes," Huffington adds. "It's really a little bit the fox is guarding the hen house."