Regulating Wall Street together

(NBC) – Fin reg could mean fewer excesses on Wall Street and more cooperation on Capitol Hill.

Who knows what will happen when this comes to a vote, but both parties are now saying they can work together on financial regulation.

President Barack Obama pushed it Monday night during a speech in California.

"We have to acknowledge that the status quo has not worked," the President said.

The government has just sued Goldman Sachs for knowingly selling bad mortgage securities.

Lehman Brothers' bankruptcy when the housing bubble burst was under a house microscope Tuesday.

"Lehman's unscrupulous practices illustrate exactly why the Senate needs to quickly pass and the Congress needs to swiftly finalize the Wall Street reform bill," said State Rep. Paul Kanjorski (D-PA).

Democrats Tuesday dropped a plan that keeps bailouts as a backup. That could win over republican votes.

"There is a very serious effort to re-engage now and get a result," said Sen. Mitch McConnell (R-KY).

Both sides are cooperating against the likes of Richard Fuld, the former Lehman Brothers CEO who made a half billion dollars but let his company fail and drag down the economy.

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