The defenders of the Volcker rule point out that trading in foreign sovereign bonds played a central role in bringing down MF Global Holdings Ltd.

WSJ: EU Plans Complaint on 'Volcker Rule'

The Democrat, who lost his re-election bid last fall to Republican Chris Christie, just got a new gig as chief executive of MF Global Holdings Ltd.

FORBES: Corzine's Back On The Street

Recent examples include MF Global Holdings Ltd.

WSJ: At J.P. Morgan, Managing the Unmanageable

Critics also have dismissed Mr. Lawsky's actions as being out of step with a postcrisis regulatory spirit of cooperation: global regulators working together, coordinating, sharing information, That school of thought is off to a shaky start given the finger pointing in scandals involving MF Global Holdings Ltd.

WSJ: When Regulators Go Rogue