Where did the SEC stand on the 1995 [tort-reform] law when it was being debated?
At the time the 1995 tort-reform act was being debated, we were in a situation that was not healthy in this country where, quite frankly, there were probably lawsuits being litigated that just didn’t have a real basis. Some people called it “ambulance chasing,” even on the part of some of the attorneys. That wasn’t healthy, and that cost investor money, because some companies had to pay out money just to settle, even though the suits didn’t have merit. … The problem is that I think we turned around and made it much too tough for investors to turn around and pursue their claims in court when they were wronged by whoever — it might have been management, the auditors, whatever. … There have been things that have changed, whereby even if a professional aided and abetted in the fraud that went on — not necessarily because they did it directly themselves, but stood by and watched it happen and could have done something — it is now unlawful to be able to go after people in those situat
