Legal Risk Managment

Order DescriptionIn contrast to the Enron / Tyco collapse, which was a result of gatekeeper failure, the collapse of financial firms in 2008 was the result of the lack of an ethical underpinning throughout the regulatory landscape. Thomas Byrne, False Profits; Reviving the Corporations Public Purpose. 57 UCLA L. Rev. Disc. 25 https://www.uclalawreview.org/false-profits-reviving-the-corporation%E2%80%99s-public-purpose/ [Coffee, John C., Understanding Enron: It's About the Gatekeepers, Stupid (July 30, 2002). Columbia Law & Economics Working Paper No. 207, page 5. Available at SSRN: https://ssrn.com/abstract=325240 or https://dx.doi.org/10.2139/ssrn.325240] With reference to the above, critically evaluate the causes for the 2008 collapse of large financial firms. How far was it the result of ‘gatekeeper failure’ or a lack of ethical practice?