American, Swiss and British bankers banded together to fine their countries banks $4.3 billion for manpulating benchmarks used in the trading of currencies.  More fines may be in the pipeline.

Unfortuantely for the citizens of these countries, the fines are only the cost of doing businesss for JPMorgan Chase, Citigroup and Bank of America.

How do we get banks to change their ways?  The US Fed is now talking about jailing rogue bankers.  But the entire system may be rogue.

Is it possible to divide the banking and investment function of nstitutions now called ‘banks.”    Can we return to banks that take in deposits which are insured, loan money to companies that are a reasonable risk and be satisfied with 10% earnings on depostied money?  The other piece of the business would be called ‘inestment banking’, and operate as far as possible from the needs of ordinary citizens.

Jail may no longer be enouogh, especially when the targets are mid level officers and not the people at the top who tolerate unreasonable risk.