On How the Free Market Regulates Itself. (It doesn't)

Ok, so The G.O.P. says that the Free Market should be allowed to regulate itself.

Might I point out that so far this year we have Barclays Bank and other banks up to their eyeballs in a rate fixing scheme. (Caught with their hands in the cookie jar?)
JPMorgan traders were *still* playing russian roulette with trades in the derivatives market this year and the only time any of this comes to light... is after they've bungled big time.
Wells Fargo just got slapped for charging higher rates to 'minorities' compared to white's getting similar mortgages.

So far the only sure thing is that these banks have not and will not regulate themselves.
Their execs continually claim ignorance when misconduct is brought to light.
Are they really that incompetent?

Now JPMorgan is saying their losses from the bungled derivatives trading may be even higher than they first estimated.

And who ends up paying for all this? The consumer. They'll make up their losses by charging you higher rates, or dropping the amount of interest paid on your savings.

Essentially neither the Banking Industry nor Wall Street's upper management will ever actually be penalized or held accountable.

All the positions in the regulatory bodies and in the Fed are filled by people that are from those industries and quite often return to them in positions that give them even more wealth while the average citizen (in any country) stuggles to make ends meet.

This is what generations of Americans fought and died for? I don't think so.

(I place quotes around minorities because in fact they're actually a larger segment of the population.)