Question

Which is correct:

Why? Because it says so right there on those pieces of paper that the panel wrote.
or:
Why, because it says so right there on those pieces of paper that the panel wrote?

Answer 1

is this only one person speaking?

Answer 2

The second one is correct. In the first one, "Why?" is a sentence fragment.

Answer 3

First one is correct, since its a speech.

Answer 4

It's not speech. There are no quotations.