Ain't No Glory In Pain recalls the deregulatory legislation adopted by the 104th Congress in 1995 and 1996, including the shareholder lawsuit limiting Private Securities Litigation Reform Act (PSLRA) and connects several of those measures with the historic corporate malfeasance that marked the capital market collapse of 2001-02. I propose, in the face of recent calls for further efforts to deregulate crucial industries and further hamstring shareholder lawsuits, that Congress and the SEC work together to reject certain provisions of the PSLRA and act in ways to ensure investor protection in this post-Enron/WorldCom environment.
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. 979 (2005).