The CFMA didn't make cooking your books legal.
Also, I have no idea why you keep bringing up Glass Steagal
Usually when people whine about Phil Gramm, they're complaining about the repeal of Glass-Steagall and how that's to blame for our current situation.
It made it a lot easier to escape detection for a longer period. And when Enron finally got caught, the financial impact was catastrophic to a lot of people.