Who hasn’t read at least 20 editorials or news stories about the issues that Enron Corp. raises for the future of corporate practice? The result is that a lot of folks want to increase the regulatory scrutiny of corporate advisers, as well as adopt tighter government regulations for board members and executives. I don’t believe that stricter regulations or new laws are likely to prevent future “Enrons.” Regulations never will prevent the bad behavior of those who wish to avoid regulatory intent.

As former U.S. Supreme Court Chief Justice Earl Warren once wrote, “in civilized life, law floats in a sea of ethics.”

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