Indeed “the banks are too large to fail” if UBS can lose an estimated $2.3 billion and carry on. I know that’s not what the Regulators or Governments mean when they quote that phrase, but still. So where is it? If it’s a bet gone bad that means someone else has won.

On Sunday at half time during the Manchester United versus Chelsea thriller, the Reds were 3-0 up. Bet 365 offered odds of 16/1 for the scoreline to end 5-0. One minute after half-time Torres had scored for Chelsea and netted thousands of pounds for Bet 365. I wasn’t even tempted to bet, it would have seemed both greedy & foolish in equal measures. But I’m sure the bookies more than paid for that half-time expensive advert. So who are the bookies for UBS? There will be some serious goal scoring celebrations there I bet.

We have the same rules & regulators currently as all the big banks. Yet somehow we don’t do the same thing. Would I bet our entire £32 million or so assets under management on Greece defaulting on it’s debt by next Thursday? I don’t think so.