Why are formal legal rules ........

[Mustang]

Why are formal legal rules alone not an aclequate ethics system for business?

[SeeMe]

I suppose it's because they are always subject to interpretation. People can find just about any way to justify their actions, so there need to be laws and oversight of some kind. I think that's why laws are so wordy - they have to try to cover every situation people can think of (tax laws...anyone?).

[taiarain]

I think SeeMe hit the nail on the head. There's a loophole for everything and someone somewhere will always be trying to exploit that.

[SeeMe]

Yep. And some exploitation is more than the market can/should handle - just think of the companies in the US that committed unethical activities, and caused thousands of employees to lose all of their retirement savings.