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Ron Paul, Sen. Elizabeth WarrenElizabeth Ann WarrenOvernight Finance: Lawmakers grill Equifax chief over hack | Wells Fargo CEO defends bank's progress | Trump jokes Puerto Rico threw budget 'out of whack' | Mortgage tax fight tests industry clout Michelle Obama is exactly who the Democrats need to win big in 2020 Wells Fargo chief defends bank's progress in tense Senate hearing MORE (D-Mass.) and John McCainJohn Sidney McCainRubio asks Army to kick out West Point grad with pro-communist posts The VA's woes cannot be pinned on any singular administration Overnight Defense: Mattis offers support for Iran deal | McCain blocks nominees over Afghanistan strategy | Trump, Tillerson spilt raises new questions about N. Korea policy MORE (R-Ariz.) agree that far too often in markets the bid is rigged and the fix is in. No case better illustrates this than Fabulous Fab, convicted of working with a hedge fund to create a product that was designed to fail, which he then sold to sucker clients of Goldman Sachs who lost a ton of money buying it while the hedge fund made a ton of money shorting it. And Goldman made a ton of money working all sides of the deal. 

As Paul believes, this kind of nonsense is not capitalism or free enterprise. As the jury said, it is fraud. As Warren and McCain say, it is time to bring back a version of the Glass-Steagall Act (which Lawrence Summers battled successfully to repeal when he was Treasury secretary to President Clinton). 

Congress should pass the Warren-McCain bill that would bring back major provisions of Glass-Steagall, and my hope is that Paul and his son, Sen. Rand PaulRandal (Rand) Howard PaulHouse bill set to reignite debate on warrantless surveillance Authorizing military force is necessary, but insufficient GOP feuds with outside group over analysis of tax framework MORE (R-Ky.), will support it. 

The SEC is today crowing about the victory against Fabulous Fab in court. But it is disgraceful that higher-ups in various firms might get away with crimes that caused the financial crash if the SEC believes the biggest fish they can catch is the small fry Tourre after the most disgraceful financial scandal since the Great Depression.