Ted Kaufman: “Someone has got to get up and say, 'I am not going to do it.'”

We have developed a cooperation program at the SEC where we can now offer reduced sanctions in exchange for insiders who come forward and provide us with information.

Widespread cheating and fraud of the sort that drove the speculative housing and derivatives securities bubbles are anathema to public confidence in the markets.

In the words of Ben Bernanke, America was on a course for 'a cataclysm that could have rivaled or surpassed the Great Depression.'

I do not want a single innocent person to go to jail or be criminally indicted for any reason.