Not all bankers are getting away with it. Neelie Kroes, the European competition commissioner, has forced ING to split itself up and to accept stringent price restrictions on its core operations. The Dutch bancassurer is paying a heavy price for its €10bn of state aid.

Ms Kroes has boldly, and rightly, struck to prevent ING’s emergency government rescue distorting the banking market in the long term. She is not alone in worrying about competition in finance. In the UK, Lord Myners, the financial services minister, has launched an attack on investment bank fees, and the Conservative party wants a competition inquiry into the sector.