I've followed every day of testimony and at no point has there been any evidence that fraud (in the legal sense) was committed or that the regulators did anythi

I've followed every day of testimony and at no point has there been any evidence that fraud (in the legal sense) was committed or that the regulators did anything except what they were statuarily required to do (and by that I mean nothing). The testimony and finger pointing is shocking but the regulations (such as they are) have achieved their goal of sufficiently diffusing blame such that no one party is responsible for any of what happened. The industry is self regulating and there are no legal powers to punish the guilty. It's basically the same setup that the ratings agencies had for the 2008 crash, "buyer beware" (we even privatized the regulator). Nobody went to prison then either.