Every congressional compromise yields winners and losers. The hard-fought financial reform bill, now on the verge of enactment, is no exception.

Some calls are obvious: The thrift industry lost. "We're the only guys to surrender franchise value to modernization," said thrift lobbyist James Butera.

Other calls are hard to make. Was the White House a winner or a loser? After waving a veto threat like New Yorkers are waving Yankee banners, top administration officials went to Capitol Hill and did not leave until they cut a deal. The compromise, however, turned off a key constituency: community activists who think President Clinton caved on the Community Reinvestment Act.

After polling sources on all sides of the bill, American Banker compiled a list of financial reform's winners and losers. See story on page 4

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