The so-called “Volcker Rule,” proposed by Paul Volcker, the former US Federal Reserve chairman, is a mini-Glass-Steagall, aiming to bar deposit-taking commercial banks from derivatives trading – now seen to be a dangerous activity for them. But, again, although derivatives trading played an important role in the crisis (AIG’s inability, without a government bailout, to honor its risky credit-default swaps is the best example), Glass-Steagall’s repeal did not unleash the riskiest trades in the institutions that failed.