Really! Do you honestly believe airtight legislation can be written that someone will be unable to circumvent? Can you name one piece of legislation anywhere, anytime that fits that description? The closest are the 10 Commandments.
While the morale equivalence / everyone does it crowd loves to pick on Enron, there are several significant differences. 1) No public official gained from Enron. 2)The CEO lost money. 3) The scam was so well concealed, a private auditing firm was unable to uncover it as well as the Fed. While regulation at one time may have served a public purpose, that is no longer the case. Regulation today serves three purposes 1) Restrict competition or 2) Raise revenue, 3) Keep the people fighting amongst themselves.