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 PaulRand PaulConservative group presses GOP to vote against spending bill Saudi skeptics gain strength in Congress Senators challenge status quo on Saudi arms sales 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.