Immediately after the Enron bankruptcy, regulators, legislators, and prosecutors enacted a host of measures to punish corporate wrongdoers, stabilize financial markets, and improve corporate governance systems. But their efforts were better suited for ameliorating public outrage than for preventing fraud by the relatively few corporations that commit it.

Roy C. Smith is the Kenneth Langone Professor of Finance Emeritus at New York University Stern School of Business.
Ingo Walter is professor of finance in the Stern School of Business at New York University.
Banking and FinanceBanking Law and RegulationBusiness and EntrepreneurshipEconomyLaw and Liberty
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