Abstract
I. Introduction . . . . . 980
A. Deregulation and Reform Hysteria . . . . . 984
B. Market Collapse . . . . . 989
II. The Private Securities Litigation Reform Act . . . . . 1004
A. How the PSLRA Amended Securities Fraud Pleading Requirements . . . . . 1007
1. The “Super Heightened” Pleading Standard . . . . . 1009
2. Super Heightened Pleading Standard Unnecessary . . . . . 1015
B. How the PSLRA Amended the Federal Securities Laws . . . . . 1018
C. Securities Litigation Uniform Standards Act of 1998 . . . . . 1028
D. The Effect of the PSLRA on the Securities Industry . . . . . 1028
E. Examination of Legislative History in Opposition to the PSLRA . . . . . 1033
III. Other 1990s Deregulation . . . . . 1040
A. The 1996 Telecommunications Act . . . . . 1040
B. The Commodities Futures Modernization Act of 2000 . . . . . 1041
IV. Is Deregulation Responsible for the Stock Market Collapse of 2002? . . . . . 1044
A . Enron . . . . . 1044
B . El Paso . . . . . 1049
C. W orldCom . . . . . 1051
D. Adelphia . . . . . 1054
E. Global Crossing . . . . . 1056
F. Qw est . . . . . 1058
V. Did the Sarbanes-Oxley Act Recapture Any Lost Protections? . . . . . 1059
VI. Proposals for Re-regulation . . . . . 1064
A. Re-regulation Must Occur To Protect Investors and Ensure the Integrity of the Capital Markets . . . . . 1065
B. To Those that Reject Federal Regulation as a Solution . . . . . 1069
C. Specific Regulations Must Be Adopted . . . . . 1070
VII. Conclusion . . . . . 1071
Recommended Citation
andré douglas pond cummings,
"Ain't No Glory in Pain": How the 1994 Republican Revolution and the Private Securities Litigation Reform Act Contributed to the Collapse of the United States Capital Markets,
83 Neb. L. Rev.
(2004)
Available at: https://digitalcommons.unl.edu/nlr/vol83/iss4/2