ADVERTISEMENT
Ron Paul, Sen. Elizabeth WarrenElizabeth WarrenLive coverage: Senate GOP unveils its ObamaCare repeal bill Overnight Regulation: Labor groups fear rollback of Obama worker protection rule | Trump regs czar advances in Senate | New FCC enforcement chief Budowsky: Dems madder than hell MORE (D-Mass.) and John McCainJohn McCainCoats: Trump seemed obsessed with Russia probe The Hill's Whip List: Senate ObamaCare repeal bill Meghan McCain slams 'felon' Dinesh D'Souza over tweets mocking father's captivity 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 PaulRand PaulOvernight Cybersecurity: Trump tweetstorm on Russia probe | White House reportedly pushing to weaken sanctions bill | Podesta to testify before House Intel Rocky rollout for Senate healthcare bill Overnight Healthcare: Latest on Senate healthcare bill | Four conservatives say they'll oppose | Obama slams bill | Health groups offer scathing criticism 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.