Courts on Trial Symposium Closing Remarks

The Institute for Law and Economic Policy (“ILEP”) was formed a little
over two years ago, and as I said at our last conference, it is still not a household
word, not even in my household. It was formed in the wake of the adoption of the
Private Securities Litigation Reform Act (“PSLRA”). Every time I say “reform” in
the context of that statute, I choke a little. The adoption of the PSLRA
demonstrated much of what is wrong with the legislative process, including the
effect of powerful, well financed lobbies able to feed a campaign in which, by
sheer repetition, misinformation becomes accepted dogma.