Contributing editor at Rolling Stone Magazine, Matt Taibbi weighs in on whether the punishment for Goldman Sachs is adequate. The financial giant mislead subprime mortgage investors as the housing market began to collapse. The settlement seems significant, however, it's not that much money for Goldman and, pending approval by a federal judge, the settlement will clear the company of the charges. 

However the question remains: If no one is personally held accountable, will fraudulent business practices ever cease to exist?  Matt Taibbi says that part of the problem is that "when these things happen, the leadership isn't prosecuted, no one goes to jail."

Earlier, we told you about the deal reached in Congress this morning on legislation that will result in the most dramatic regulatory shakeup on Wall Street since the Great Depression. "All Americans have a stake in this bill," said Treasury Secretary Timothy Geithner. "It will offer families the protections they deserve, help safeguard their financial security and give the businesses of America access to the credit they need to expand and innovate."

From the Volcker rule to derivative regulaton to Consumer Financial Protection Bureau—a lot of new terms are about to enter the lexicon once President Obama signs the bill, which he expects to do by July 4th. But what do they all mean? If all Americans have a stake in the bill, as Secretary Geithner said, how will its expected passage impact your life?

It's an historic morning in America, as the House and Senate reached a deal on a bill that will be the most ambitious change in financial regulation in nearly eighty years. Congress is expected to pass the bill next week and will send it to President Obama to sign by July 4th.  

The most sweeping overhaul of Wall Street rules since the Great Depression didn't come to fruition easily. A conference committee of House and Senate members were holed up for 20 hours while lawmakers hammered out an agreement on the bill, finally coming to a consensus at 5:39 this morning. Senate Banking Committee Chairman Christopher Dodd hailed the bill as a great success. "We found a way to end too big to fail bailouts," the Connecticut Democrat said in a statement, "ensuring that no financial institution will ever be capable of bringing down the economy."

Retailers are currently charged when they swipe a card, and for small purchases the swipe fee can be more than the profit. Yesterday's amendment to the financial regulation bill says the credit card companies can't prevent retailers from changing the price depending on whether the customer is using a card or paying cash. Ultimately, this could lead to fee regulations by the federal government. Takeaway Washington correspondent, Todd Zwillich explains.

After several days of successful attempts by Republicans to block the formal debate over financial reform in Washington, the debate has now begun on the Senate floor. One person who will certainly have the Obama administration’s ear as it negotiates with members of the Senate and House over the bill is Elizabeth Warren, Harvard Law professor and chair of the Congressional Oversight Panel that keeps an eye on the Troubled Asset Relief Program or TARP fund.

President Obama visits Lower Manhattan today, to make his case for financial regulation at Cooper Union, not far from Wall Street. Washington correspondent Todd Zwillich joins us to talk about Obama's visit. He looks at the continuing debate over reform in Congress as well, where it is 'bring your kids to work day.'

• Washington Takeout: Takeaway Washington correspondent Todd Zwillich joins us with a look at what the legislative week has in store for us, up on Capitol Hill.
• Sports Takeout:  Takeaway Sports correspondent Ibrahim Abdul-Matin recaps the first games of the NBA playoffs. He says there might just be an upset brewing. 

In this week's agenda, Marcus Mabry, international business editor for the New York Times, and Jonathan Marcus, BBC diplomatic correspondent, look at what to expect this week. They'll look at the aftermath of Iraq's national elections, Vice President Biden's visit to the Middle East, and the latest news on financial reform.

The Financial Crisis Inquiry Commission kicked off hearings yesterday. Banks CEOs were the first ones to testify, and the debate heated up very quickly.