One great problem with laws and rules and regulations is that in almost all cases, obedience requires oversight. We’re beset with Medicare and Medicaid fraud, not because they’re bad programs, but because there’s inadequate oversight.
And often, the people at whom the law or regulation is aimed simply don’t know it exists. Take one of the most common phrases in advertising: “Save up to 40%.”
The fact is that if you advertise like that to prospects, they all expect to save 40%.
There’s always been a thin line between the definition of a shrewd business policy and an unethical policy.
It’s shrewd business from his perspective if a car salesman doesn’t disclose a problem with the car that he knows exists. Billions of dollars in derivatives were sold: it was a shrewd financial product. Was it unethical that most derivative sellers didn’t explain what customers really were buying? In many cases the sellers didn’t know themselves what they were selling.