Despite 2,000 + pages of D0dd-Frank legislation and new  Basel III conditions,  NY Times columnist Willam Cohan, author of among other works House of Cards (The Rise and Decline of Bear Stearns), opines that few incentives have changed for the high rollers on Wall Street.  In short, he argues that Wall Street financiers are still playing with everybody else’s money but their own; so “heads I win, tails you lose” effects are still with us.  To cite, Steven Landsburg’s favorite definition of economics: “incentives matter; all else is commentary.”   I encourage you to read the details.