It wasn't always this way. From the 1930s through the late 1990s, commercial banks were legally separated from the investment banking arms that engage in speculative trading. But that's no longer the case. Well-intentioned FDIC insurance designed for bland and vital commercial banking is now intermingled with reliably explosive gambling. A sensible patch for this regulatory flaw dubbed the "Volcker rule" has been watered down into irrelevancy, so the traders' heads-I-win-tails-taxpayers-lose system still exists. That's one reason why JPMorgan's recent losses are such a big deal.
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