Punishment for US brokers will have to be collective

The battle is heating up over what penalty the US brokers should pay for needing access to the Federal Reserve’s discount window. Remarkably, some voices still argue the dealers can escape being regulated as tightly as banks. That is wishful thinking — their activities affect the whole financial system. If a business is too important to fail, it is also too important to leave alone. And when regulators get tough, the likes of Goldman Sachs will have to accept it just like their weaker brethren.