The Huffington Post  |  By 

Big banks are perfectly safe these days, unless you count all those weapons of mass financial destruction they’ve got lying around. And who’s counting those? Certainly not the banks.

Some in Washington are doing a premature victory dance over the relatively gentle new regulations that have been applied to Wall Street since the financial crisis. But the job of regulating one of the of central causes of that crisis — the trading of derivatives — is far from finished.

The world’s biggest banks still can’t fully account for all the risks they’re taking when they trade derivatives, according to a report last week by a group of 10 of the world’s financial watchodgs, including the Federal Reserve.

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