You’ll have lower prices under deregulation than you will through regulation.
—Kenneth Lay, CEO of Enron
Regulation and legislation are never popular, but sometimes they are essential in preserving societal values. In the wake of the corporate scandals of the early 2000s and the financial crisis of 2007, in which billions of investor dollars were lost, there has been a growing call for stricter enforcement of regulation that addresses white collar financial crimes. Accounting as a profession is an important component and contributor to such financial regulation.
The capital markets in the U.S. function efficiently due to the implicit trust between investors ...