Correct. Enron and the rest found loopholes in the existing mountains of regulations and used them to gain illicit profits. More regulation = more loopholes.
Case in point -- why weren't the CEOs of Fanny Mae and Freddie Mac marched into a courthouse in front of the cameras, under arrest for being dishonest about the health of their companies? Isn't that what SOx was supposed to prevent? Billions were lost (except by the execs) yet there's been no public outrage, no death threats like Enron executives received, and no one had their character smeared in the press.
Correct. Enron and the rest found loopholes in the existing mountains of regulations and used them to gain illicit profits.
They weren't loopholes. They just basically violated accounting standards and broke laws to make their company stock value increase. It wasn't a legel loophole, it was then and is now illegal.
Now, they did take advantage of lax oversight and regulation to make the frauds succeed. -- "Fascism should more properly be called corporatism because it is the merger of state and corporate power." -- Benito Mussolini
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