At a meeting of business leaders in Edinburgh Mervyn King Governor of the Bank of England:

Made his clearest call yet for banks to be split up, so that their retail arms are separated from riskier investment banking operations, he criticised the industry’s failure to reform despite “breathtaking” levels of taxpayer support. Ashley Seager and Jill Treanor, The Guardian.

He also said

“It was hard to see why support could not be limited to retail, or utility, banking”. Ashley Seager and Jill Treanor, The Guardian.

And warned

“It is important that banks in receipt of public support are not encouraged to try to earn their way out of that support by resuming the very activities that got them into trouble in the first place,” he said. “The sheer creative imagination of the financial sector to think up new ways of taking risk will in the end, I believe, force us to confront the ‘too important to fail’ question”. Ashley Seager and Jill Treanor, The Guardian.

It will more the force us to face the “too important to fail question” we’ll won’t just have another recession it’ll be a full blown depression.