You 'll get no argument here that President Obama was absolutely correct in saying in the State of the Union message that Wall Street needs to be held accountable for its bad behavior -- as we all do , frankly -- and that any near-term Wall Street reform legislation must figure out how to do precisely that. funds or private equity funds -- seems off base on so many important levels that it resembles the proverbial camel , rather than the thoroughbred that Obama and Volcker were no doubt hoping to create .