The Dodd-Frank Bills Leave No Bondholder Behind - WSJ.com

While most scholarly investigations of the too-big-to-fail phenomenon start from the premise that it's a problem, Messrs. Dodd and Frank appear to view it as the cornerstone of our financial system. This may not be surprising given their history. Mr. Frank is famous for saying he wanted to "roll the dice" with Fannie Mae and Freddie Mac.

Less well known is how Mr. Dodd has labored to make Wall Street increasingly eligible for the taxpayer safety net. By raising expectations that bailouts will be available, he has, as much as anyone in Congress, encouraged the risk-taking that took the financial system to the brink of ruin.