"With their simultaneous display of hubris, remorselessness, incompetence and corruption, the banks have finally ignited a modicum of courage in banking regulators.," Jesse Eisinger, writes in ProPublica.

"The postcrisis bad behavior — reckless trading at a JPMorgan Chase unit in London, the rampant mortgage modification and foreclosure abuses, manipulation of the key global interest rate benchmark — went just a tad too far. For the first time since the financial crisis, the banks are losing some battles on tougher regulation.

Last week, banking regulators, led by the Federal Deposit Insurance Corporation, but including the Federal Reserve and the Office of the Comptroller of the Currency, proposed a rule to raise the capital at the largest, most dangerous banks."

He concludes that the US " may well bring the rest of the along. Small financial centers from Iceland to Ireland to Cyprus and even Switzerland have all seen how vulnerable they are to financial beasts that dwarf their economies."

Read more in this angry article - recommended - here.