The Times ends with a look at what might be done about it. It notes that ferocious lobbying by the banks led the Fed to protect their cash cow in a 2005 ruling. These folks are wounded now, but they aren’t going to let a super-high-margin line of business go quietly. That $27 billion can pay for a lot of campaign donations, ads, and high-priced lobbyists.
But if anything is done, we’ll have the press to thank, in part, for helping put this issue on the front burner.