David Vitter: “Thank you, Madam Chair. Thanks for a fair and open process. That is all we ask for.”

The only way that Wall Street will change is if executives face jail time when they preside over massive frauds.

Why isn't this crystal clear proof that an entity as big as Wells is not only too big to fail, but it is too big to manage and it is too big to regulate?

So just as an example, Wells is the biggest participant in the SBA's 7(a) loan program.

We need tough new laws to hold corporate executives personally accountable, and we need tough prosecutors who have the courage to go after people at the top.