Those are the questions that must be sorted out by competent judicial authorities if we are ever to establish the rule of law in our markets. The FBI is currently investigating more than 20 lenders, including the defunct Indymac, but there is much more to be done — and at the moment, the prosecutors seem to have set their sights too low. Someone with prosecutorial authority and resources should scrutinize the major players at UBS, Bear Stearns, Lehman Brothers and all the rest. The passage of the Sarbanes-Oxley law was meant to discourage this kind of financial chicanery by major firms. Now is the time to apply its criminal sanctions to those who flouted the law.