In effect, they are too big to go to jail because no one with enforcement power is willing to prosecute them. However, they should be jailed and their managers fired and sent to jail as well. This is because they have ruined the economy and sucked our country dry without any remorse.
If the member of upper corporate management committed white collar crime, then they should go to jail. This is not the same as "too big to jail." That's just holding people accountable no matter who they are. Unfortunately, a lot of the people who mismanaged the banking sector into crisis have not been held to account.
The government likes to pretend that big banks aren't being investigated because they are too big to jail. They mean this in the sense that going after the banks would create economic problems or instability. However, this is just an excuse for the powerful protecting their own and screwing the little guys once again.
No one is too big to jail, but the problem is that not as many lawyers are willing to take on cases involving such people unless they know without a shadow of a doubt they can win the case. The government as a whole has stopped defending the people and have now begun to only focus on what has the big politicians best interests at heart.
No one is above the law and even banks should be held accountable for their actions. The people who do wrong should be tried and imprisoned if need be for any laws broken.