Matt Levine at Bloomberg is not hopeful about the banks changing their ways after guilty pleas in the United States this week.   Here is the notice JP Morgan Chase sent its clients:  JP Morgan Chase DIsclosure Notice  

The JP Morgan Cover Letter with Disclosers sent with the disclosure begins: The purpose of this letter is to clarify the nature of the trading relationship between you and the Corporate & Investment Bank at JPMorgan Chase & Co. and its affiliates (together, “JPMorgan” or the “Firm”) and to disclose relevant practices of JPMorgan when acting as a dealer, on a principal basis, in the wholesale spot foreign exchange (“FX”) markets.  We want to ensure that there are no ambiguities or misunderstandings regarding those practices.

Mea culpa?  Guilt?  JP Morgan Chase CEO Jamie DImon does nothing but whine about regulations.  Is it time to hold banks to a reasonable standard?  Is it time to jail some of the big players?  Do we have to rethink banking?  Maybe.