The threat of prosecution of banks for misuse of market power was dangled, rather than proclaimed, in a speech on Friday for the Australian Conference of Economists by Rod Sims, chair of the ACCC.Using boilerplate, but ever relevant, language Sims reminded listeners that: "We as an institution are charged with identifying and prosecuting cartels, opposing anti-competitive mergers and cracking down on businesses that mislead or deceive consumers. In short, we work to keep Australia's market economy working for consumers." "We also have responsibilities for intervening in markets that are not likely to work well for consumers," Sims said, citing "natural monopolies in infrastructure". Read 'banking' where you like.He explained that "we're in the midst of a policy debate about Australia's 'misuse of market power' laws, and concerns have been raised against the sensible changes proposed by the Harper Review." "It is clear that some things never change," he said.Sims mused on the greats. "Hayek states: 'What is harmful is …the ability of some monopolies to protect and preserve their monopolistic position after the original cause of their superiority has disappeared'."Then Trotsky. The vanquished opponent of Leninism once wrote, Sims said: "In a country where the sole employer is the state, opposition means death by slow starvation. "The old principle, who does not work shall not eat, has been replaced by a new one: who does not obey shall not eat.""As good an argument against monopoly as you are likely to ever hear," said Sims -without spelling out that he perhaps had the predicament of the 2017 Australian banking sector in mind.The ACCC chief, an operator with a Labor leaning vintage, spelled out wide choices ahead for his inspectorate."Many economists argue competition agencies like the ACCC should intervene in a market only if that intervention is likely to increase total economic welfare (a total welfare standard)," he said. "Much of Australia's competition law aims to deter conduct that is likely to 'substantially lessen competition', commonly considered to be closer to a 'consumer welfare' standard."A Sims' star for the second is no denial of his belief in the first. Nowhere in his speech does Sims give much relevance even to finance. "I think protecting the process of competition is the appropriate goal for a competition agency. Competitive markets are the most effective mechanism known to encourage the efficient use of resources. While there are exceptions, protecting the competitive process is the most effective way of maximising total economic welfare," he said.The banking industry inevitably sits ahead of others in any ACCC hit list.