Ted Kaufman: “I think we really have to take a hard look at the security, because clearly this is what the terrorists want us to do.”

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

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.

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

I think disclosure is really the root of a lot of these problems.