It appears that Barney Frank and Chris Dodd have differences in the future course of regulation.

Specifically, Frank favors giving the Federal Reserve the job of managing “systemic risk” under any new regulations, and Dodd thinks that the Fed, with its history of unresponsiveness and opacity is ill suited to the task.

Well, it now appears that much of the smear campaign against Dodd may have come from Larry Summers, who would be first in line to be Federal Reserve chairman if Obama does not reappoint Bernanke, and so he went after Dodd in order to strengthen Frank’s hand in making the Fed the chief regulator.

I’m beginning to think that anyone who has “friend of Robert Rubin” on their resume should be barred from any position of authority.

Un-dirtyword-believable.