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Glass Steagal is the key to protect customer accounts. Unfortunately we have the illusion of Frank Dodd which does not address an MF Global type bankruptcy that allows the failing bank to last minute ransack customer accounts to pay off big powerful creditors before folding. Leaving the customers robbed and last in the line of creditors during a bankruptcy procedure. Even worst Pres Obama via exec order placed US taxpayers on the hook for any derivative losses incurred by Wall Street bankers in the future.

It isn’t just Obama; politicians worldwide seen to have come to the conclusion that their respective taxpayers are the penultimate “lender of last resort”.

This will not end well.

There is one thing that many on the left argue, and I do agree with them in principle on it, which is that the people themselves shouldn’t be left picking up the tab for business failures.

That’s the nature of the free-market economy, after all. If I run a business that goes bust, it’s hardly up to you, or the guy down the street, or my next-door to neighbor, or some part-time waitress in Tokyo for that matter, to compensate me for my losses. C’est la vie.

Looking further for info about BNI, a google-translated page from bluerating.com:

The fact that more than a few financial services knocked at the door: the idea is to measure the liquidity of the group of about 125 million euros, whereas the path of restructuring was not feasible because of the poor agreement between the partners . At this point, as is evident in Bluerating, the most sensible option seems to be that of a separate sale of the assets that make up the bank's assets.
Among the names of the institutions involved, there would be Banco Popolare (shareholder), and MPS Fineco. Besides, there would have to manage the network of financial advisors which now has about 400 people. On this, the institutes would Fideuram and BPM. But could spuntarne third whereas before, unless of orders from above (see Bank of Italy) Matteo Colafrancesco sees very little interest in this as they know sources interviewed by Bluerating really familiar with the matter.

So they don't seem to be a trivially-small bank, and they were having visible problems since November 2011.

“Even worst Pres Obama via exec order placed US taxpayers on the hook for any derivative losses incurred by Wall Street bankers in the future.”

Really? How did he do that?