But the sticking point comes on the issue of collateral.

BBC: Watch deposit flight, not the eurocrats

That issue of the "collateral consequences" from bank spanking was cited by US Assistant Attorney General Lanny Breuer when explaining why the Department of Justice had chosen not to "fully prosecute" HSBC for its money laundering and sanctions breaching offences - and had instead put the bank on probation with a deferred prosecution agreement.

BBC: Are some banks too big to jail?

Clinton knows he won't win labor's support on this issue, but wants to limit collateral damage as much as possible.

CNN: Clinton Makes The Case For 'Fast Track'