One of the commenters on an early morning TV financial report today brought up the possibility that big banks such as JPMorgan might some day be broken up due to their size, market involvement and influence and possible disastrous effect on the economy, if they were to go under. Shades of Standard Oil and AT&T that were broken up years ago for getting too muscle bound.

The power to do so apparently was put in place last year in the overhaul of financial regs passed by the House. Regulators would be able "to break up large financial firms whose collapse would pose a risk to the economy even if they are not on the brink of failure." Now that's easier said than done, especially these days. Not sure where the Senate is on this one.

It's going to be more than interesting to see how Obama's proposals to clamp down on big bank activity is going to fly. It appears that former fed chairman Paul Volcker's finger prints are all over these proposals and, because of his positive reputation of involvement in past financial emergencies, may dampen some of the resistance to them, though, as expected, some Republicans are already up in arms, regardless. And it doesn't look like the market likes them either.

Bank lobbyists must be salivating over another big pay check coming their way as the banks must be calculating how to squash this stuff. And it'll probably cost them big time. Should be quite a circus.