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Politics  Accounting Fraud Continues to Plague U.S. Economy
Accounting Fraud Continues to Plague U.S. Economy  Senate
Banking Committee Chairman Chris Dodd (D-CT) unveiled his latest
financial reform proposal on Monday, and the stakes for the new
legislation couldn’t be higher. After consumer groups raised a
major ruckus, Dodd has dropped one of his most egregious
concessions to the bank lobby—cutting enforcement authority from
the proposed Consumer Financial Protection Agency (CFPA). That’s
good news: Without a major regulatory overhaul, the U.S.
economy’s destructive boom and bust cycle will start all over
again.  We’ve been down this road before. The Enron fiasco
should have served as a wake-up call for policymakers, but
instead, the weak federal response to Enron’s major fraud helped
pave the way for the current economic slump.  What does Enron
have to do with the crisis?  As Megan Carpentier emphasizes for
The Washington Independent, one of the