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76 Temp. L. Rev. 451 (2003)
Regulation, Compliance and the Firm

handle is hein.journals/temple76 and id is 461 raw text is: TEMPLE LAW REVIEW © 2003 TEMPLE UNIVERSITY OF THE COMMONWEALTH SYSTEM OF HIGHER EDUCATION VOL. 76 NO. 3 FALL 2003 ARTICLES REGULATION, COMPLIANCE AND THE FIRM Timothy F. Malloy* I. INTRODUCTION Enron and Arthur Andersen, Kidder Peabody, Salomon Brothers, Ford and its Pinto: each decade brings more examples of businesses gone bad, violating the law and the public trust.1 Massive fraud, outrageous self-dealing, devious accounting, and other wrongdoing by elite business leaders attract attention and fuel quick reform. The academic literature and the popular media provide regular reminders of corporate transgressions, often attributing them to the brazen pursuit of profit, power and self-interest by the firm and its top * Acting Professor of Law, UCLA School of Law. The author wishes to thank Richard Abel, Stephen Bainbridge, David Binder, Ann Carlson, Scott Cummings, David Driesen, Jody Freeman, Laura Gomez, Joel Handler, Adam Hirsch, Russell Korobkin, Donald Langevoort, Lynn LoPucki, Al Moore, Richard Sander, Clifford Rechtschaffen, and David Slansky for their comments on prior versions of this article. 1. See, e.g., FRANCIS T. CULLEN ET AL., CORPORATE CRIME UNDER ATTACK: THE FORD PINTO CASE & BEYOND 160-69 (1987) (noting that Ford Motor Co. put safety ahead of profits in designing Pinto); Constantine N. Katsoris, Enron: What Went Wrong?, 8 FORDHAM J. CORP. & FIN. L. 1, 47 (2002) (discussing factors leading to Enron's financial demise); Gregory J. Millman, New Scandals, Old Lessons: Financial Ethics After Enron, 18 FIN. EXECUTIVE 16, 16-17 (2002) (commenting on Enron's lack of ethical standards); R. Lane Sisung, The Law of Salomon: A History of the Regulation of Government Securities, an Accounting of the Salomon Brothers Scandal and an Analysis of the Government Securities Act Amendments of 1993, 40 Loy. L. REV. 313, 321-24 (1994) (providing detailed account of Salomon Brothers' violations of government securities regulations): Karen Donovan, Where Does the Buck Stop in Kidder T-bond Scheme? Probes of Ex-Kidder, Peabody Bond Trader Joseph Jett's Alleged Fraud Not Likely to Find Fault in General Counsel, NAT'L L.J., July 25, 1994, at B1 (describing bond scandal involving bond traders Kidder, Peabody & Co.).

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