In addition to each states' individual "Blue Sky" laws, the federal government includes multiple layers of securities regulation (e.g., Sarbanes-Oxley Act, Securities Exchange Act of 1933, Securities Exchange Act of 1934, the Securities Exchange Commission). However, multiple major securities fraud cases have occurred since 2000, including Enron, WorldCom, Tyco International, and Bernard "Bernie" Madoff. In your opinion, why do these cases keep happening? Does the U.S. government need more regulation? Less regulation?

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