Is it really so much that the current environment rewards companies that take regulatory risks, or that regulatory risks are so pervasive you can't do business without them?
There is some risk of harm of bad dealing at almost every level, but we try to pay attention to the people with the most financial power because they have the greatest ability to do harm. And of course the more incentive there is to subvert the laws. Probably any simple view of this issue is wrong.
