Lord Turner should have split investment – or 'casino' banking – from deposit-taking, says Jeff Randall

How difficult is the business of commercial banking? Not very, according to George S Moore, a former chairman of Citibank. In his autobiography, The Banker's Life, he wrote: "If you're not actually stupid or dishonest, it's hard not to make money in banking."

Mr Moore's observation, penned more than 20 years ago, leads us to infer that, in recent times, some of the world's most powerful financial institutions have been managed by executives who combine the intellect of a glowworm with the integrity of Captain Jack Sparrow.

To say that money has been "lost" does not reflect accurately what has occurred. "Lost" suggests a possibility, however remote, that it may be found. Not so. The money has been …