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.

If you'd like to get email from CJR writers and editors, add your email address to our newsletter roll and we'll be in touch.

Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu. Follow him on Twitter at @ryanchittum.