my proposal: treat the finance industry like a utility. put strong pressure on reducing transaction costs above all else. the purpose of finance is to grease the cogs of the economy, not for frat boys to play with other people’s money.

In striking contrast with these past prosecutions, not a single high level executive has been successfully prosecuted in connection with the recent financial crisis, and given the fact that most of the relevant criminal provisions are governed by a 5-year statute of limitations, it appears very likely that none will be. It may not be too soon, therefore, to ask why.

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