Thursday, November 30, 2006

Protections From Enron Era To Be Rolled Back?

We all remember the horrors of the Enron collapse five years ago, it was only a scant few months ago that some of the sage came to a close. Investors lost millions, many older Americans lost their retirement nest eggs, and in the aftermath Congress passed legislation to keep such a tragedy from happening again...or did they?

It seems that business lobbyist, special interest money from the investment world who represent the ULTRA rich are lining up to push for a change, that change being a roll back to the GOOD OLD DAYS. In short, they want much of the regulations eliminated, want those nettlesome (good word) private citizen lawsuits done away with. In short, they want the right to rape, screw and take advantage of small investors, a return to investment selling with no accountability and no protections for the small guy.

Middle America, be very, very AFRAID, and write your elected Representatives.

Five Years After Enron, Firms Seek Weaker Rules

By Carrie Johnson
Washington Post Staff Writer
Wednesday, November 29, 2006; Page A01

Business interests, seizing on concerns that a law passed in the wake of the Enron scandal has overreached, are advancing a broad agenda to limit government oversight of private industry, including making it tougher for investors to sue companies and auditors for fraud.

A group that has drawn support from Treasury Secretary Henry M. Paulson Jr. plans to issue a report tomorrow that argues that the United States may be losing its preeminent position in global capital markets to foreign stock exchanges because of costly regulations and nettlesome private lawsuits.

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