NOW THAT the demise of Enron Corp. has made deregulation a dirty word on Capitol Hill, reform-minded lawyers are urging lawmakers to use the company’s bankruptcy, the largest in U.S. history, as a vehicle to tighten bankruptcy controls and bolster penalties for fraud.
Plaintiffs’ lawyers and securities law experts say that a key provision of the Private Securities Litigation Reform Act laid the groundwork for accounting practices allegedly performed by Arthur Andersen that hid huge discrepancies between Enron’s real and reported health.
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