Ted Kaufman: “I look on the Justice Department as kind of a black box on this, that I do not want to know what is going on inside the…”

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

I think this is all the ability to know you just cannot have two different sets of rules for people, and if you are powerful and you have got money and you have got good accountants and good lawyers, you can get away with something that…

A paper tiger that will fall apart the minute it is tested in a real life financial crisis

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