•  
  •  
 

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

Share

COinS