This week we learned that the big Wall Street firms have been promising the SEC that they wouldn't commit fraud again, as part of their typical deals with that organization when they break the law. The problem is that they've been promising and promising, and there are no consequences at all when they break their word.

I wrote a piece today for Fool.com on this outrageous behavior. Could you imagine the outrage if a petty thief kept getting arrested, and he kept promising not to do it again? I've always wondered why we have such a high bar in some instances for some folks and such a low one for multi-billion dollar institutions.

Here's the piece:

http://www.fool.com/investing/general/2011/11/11/banks-promise-not-to-commit-fraud--until-next-time.aspx