Go ahead, tie us up in red tape, the big banks say.

A leaked letter from the New York Fed takes Deutsche Bank to task for “low quality, inaccurate and unreliable” bookkeeping.

Yesterday Credit Suisse pled guilty to conspiring to help U.S. account holders evade taxes. The Justice Department’s planned punishments—hefty fines and criminal cases against senior staff—strike the right balance between stabilizing the markets and making certain that justice is served.