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Post millennium (after 2000) corporate scandals cost more than 200 billion US dollars. These losses were in investments, savings, jobs, pension losses and tax revenue. It is estimated that more than a million workers lost their Jobs (1 ).
A big part of the scandal(and stock market collapse of 2001-02 ) was again blamed on deregulation that occurred after the "Republican Revolution" Congress (the 104th Congress). A few of these bills were: Private securities Litigation Reform Act of 1995 ("PSLRA")
securities Litigation Uniform Standards Act of 1998 ("SLUSA")
Telecommunications Act of 1996,8
Commodities Futures Modernization Act ("CFMA")
To be fair during this time we had a democratic president. Who seems to be too willing to follow along (2 ).
Some this these corporations were political players:
WorldCom gave about equal amounts to Republicans and Democrats $510,055 and $508,625 respectively.
Global Crossing gave more to Democrats ($754,716) than Republicans ($429,204)
Enron gave more Republican, $1.4 million of "soft money" to the GOP and $850,000 to Democrats from 1992 to 2001.
Clinton also signed the 1999 deregulation of Depression-era banking laws. "This legislation is truly historic," Clinton said( Note see sub prime crisis ) "We have done right by the American people." This bill passed 362-57 in the House; 90-8 in the Senate (3 ).