That's true, but it's dependent on people maintaining personal ethics. Unfortunately the incentives are aligned with not maintaining ethics so you can make more money. I've had this discussion with a coworker plenty of times. His argument is regulation makes capitalism safer and the best option we have, while I argue that "after the fact" regulation only prevents someone from repeating someone else's unethical strategy and most likely the initial, unethical party will not really be punished for doing what wasn't illegal at the time. Maybe they get fined, but nowhere near the revenue they generated with the unethical strategy.