. >>> peter morrissey who joined us from washington, d.c. i started by asking richard if he was surprised to see the outcome of dodd frank. >> this is the first shot in a longer war. it is surprising to see how easily this was done. stanley fisher, the vice chairman of the federal reserve said he was surprised how easy to roll back the provision. a signal that republicans are going to be going after dodd frank when they have their full majorities in place next year. >> was there a problem with dodd frank to begin with? >> oh absolutely. in the case of citigroup what brought the bank down was its reckless mortgages not derivatives trading. and the existence of this provision didn't keep the banks from doing reckless trading, they just moved on to other things, foreign exchanges, commodities, warehouses, whatever, parking lots in greece if necessary. so it really didn't solve the problem and it really imposed a restriction that didn't address the problem. to my mind, what still needs to be done is to divide the investment banks from the commer