The Financial Stability Oversight Board—the people who are supposed to oversee the $700 billion Wall Street bailout—met Dec. 10 to talk about how things are going. Federal Reserve Chairman Ben Bernanke heads up the board and Treasury Secretary Henry Paulson, Securities and Exchange Commission Chairman Christopher Cox, Housing and Urban Development Secretary Steven Preston and Federal Housing Finance Agency Chairman James Lockhart are among its members.

The minutes of that meeting, released last week, are troubling, if not unexpected.

Oversight officials talked a lot abo...

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