Arguments against RICO are fueled by a series of myths that are not supported by a careful analysis of the statute, its legislative history, nor the facts. These myths should be thoroughly examined before any RICO reform proceeds. The myths are that RICO was designed to deal only with organized crime and its infiltration of legitimate business; the courts are being inundated with new litigation under civil RICO; RICO applies to every business transaction that uses the mails or phones; it applies to mere contract disputes; the racketeer label leads legitimate business people to settle "garden variety" fraud claims for extortionate amounts; private plaintiffs are bringing a substantial number of abusive civil suits; and the general remedies against litigation abuse are inadequate. Other myths surrounding opposition to RICO pertain to the adequacy of State law and law enforcement regarding RICO targets, multiple damages, and federalism. A review of RICO reform proposals contains recommendations that include the addition of hazardous waste offense to RICO and the incorporation of existing securities offenses specifically and not generically. Other recommendations pertain to burden of proof, government suits, general private suits for multiple damages, limitation on order of proof, treble damages, and pleading with particularity. Appended supplementary information. 444 footnotes.