by VanessaVaile

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Money never sleeps. And, when it comes to drilling holes in Dodd-Frank, it never gets tired.

Matt Taibbi explains the 5 easy steps Wall Street is using to kill financial reform in the United States. Step 1 is to “strangle it in the womb,” for example, by watering down the new regulatory concepts in the bill. The second is to “sue, sue, sue”—by tying up the reforms in court. Step 3 is, “if you can’t win, stall,” so that major provisions are postponed indefinitely. Then, in step 4, the goal is to “bully the regulators,” both directly and by lobbying Congress to rein them in. The fifth and final step is to “pass a gazzilion loopholes,” as another way of gutting Dodd-Frank.

Taibbi’s conclusion?

While it’s incredibly difficult to get a regulatory reform passed, it’s far easier – and more profitable to politicians – to kill it. Creating legislation is…

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