Paul Volcker, in an interview with Charlie Rose, explained what he wanted to do with the banks.

So does this mean we should restore Glass-Steagall?
No. That’s a false statement people make about my position. Glass-Steagall basically said banks cannot underwrite corporate securities or deal with corporate securities. But I would let commercial banks do underwriting of corporate customers. So you could argue that what I propose is somewhat in the spirit of Glass-Steagall in making a distinction between capital-market activities and trading activities and banking activities. But it is not specifically going back to Glass-Steagall.

Do you think that Congress will see it your way?
Eventually, yes. They need a little more persuasion.

So why haven’t your views prevailed with the Administration?
I wasn’t persuasive enough.

Clearly he bacame a little more persuasive.  To read the full article go to http://www.businessweek.com/magazine/content/10_02/b4162011026995.htm