I love riffing at random on such a fun topic. We'll have even more fun on this side of the Atlantic if a proposal to surrender some SEC regulatory power to FINRA actually goes through. The financial sector's capture of government, coupled with the crushing debt burden that will consume revenue meant for law enforcement, is outsourcing the rule of law. It will pay very well to have friends in high and low places in neofeudal America.
Europe and America need banking but don't necessarily need certain banks. Both regions need strong regulation of banking. That observation escapes notice in the midst of efforts to preserve bankers' equity-linked deferred compensation packages.