What Timmy did next

The FT article is titled Geithner lays out new financial rules, but that is a little misleading. Rather our lad Timmy has laid out a framework under which new rules will be written, but we have no idea what the rules will be yet. What details there are do not allow one to form any precise conclusion. The principles seem reasonable, but the devil will be in the details (and in the inter-agency battles).