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You know what an effective deterrent to crime is? Jail! And do you know what kind of criminal penalty actually makes people think twice about committing crimes the next time? The kind that actually comes out of some individual's pocket, not fines that come out of the corporate kitty.

Wall Street is greedy, reckless and they operate illegally. That's fine. But what do you do?

I want to be clear. No company is too big to be prosecuted. We have zero tolerance for corporate fraud, but we also recognize the importance of avoiding collateral consequences whenever possible.

The facts are the vice president's company that he was CEO of, that did business with sworn enemies of the United States, paid millions of dollars in fines for providing false financial information, it's under investigation for bribing foreign officials.

The law does not pretend to punish everything that is dishonest. That would seriously interfere with business.

If large financial institutions can break the law and accumulate million in profits - and, if they get caught, settle by paying out of those profits - they do not have much incentive to follow the law.

Regulatory failings mean that the cost of breaking the law is far below that of obeying it - businesses are happier to pay fines than to control pollution.

For decades, Wall Street has charged companies a standard fee of 7 percent to sell their shares to the public.

The U.S. obviously has all the evidence they need to prosecute bankers. They just need to search their own spy database and then there you go - 1,000 bankers in jail, a trillion dollars in fines. But it doesn't happen. Instead, the spy network is being used to fight a copyright case. They used Prism to spy on me.

In 1999, Hoffmann-LaRoche paid a $500 million criminal fine for leading a worldwide conspiracy to fix prices for certain vitamins.