Financial industry rebounds as regulatory overhaul stalls

As the financial industry is about to mark the first anniversary of Lehman Brothers' collapse, financial institutions appear to be nearly back to business as usual, while lawmakers quibble about regulation. "There's no fundamental change in the way the banks are run or regulated. There's just fewer of them," said Peter J. Solomon, who runs an eponymous New York investment bank. While some authorities said the regulatory revamp is necessary, analysts and other industry insiders said Congress will be hard-pressed to implement changes by the end of the year, a deadline imposed by the White House months ago.

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