The Bush administration Monday proposed the most far-ranging overhaul of the financial regulatory system since the stock market crash of 1929 and the ensuing Great Depression.

The plan would change how the government regulates thousands of businesses from the nation's biggest banks and investment houses down to the local insurance agent and mortgage broker.

Interesting article from the Wall Street Journal about John Paulson's $4bn payday and how his funds are up $15Bn since he put on his short ABX trades.