One hallmark of the modern world is that organizations, corporations and individuals try to find loopholes in the system that work for their advantage and then stand on the their principals and claim that they did nothing wrong when it blows up. This practice absolutely has to be ended.
The recent Wall Street meltdown is a primary example of this practice whereby the financial firms ultimately had a whole team of lawyers who tear apart every piece of legislation in order to find the gaps or the opportunities within the legislation that are open to them. They then proceed to find ways around the overseeing institutions such as the SEC in order to continue their actions.
The obvious problem in this approach is that it undermines the intent of the legislation and results in border line illegal activities that benefit very few people but also serve to undermine society in general. Whether one sees intervention in the private sector as socialist or not it has been demonstrated time after time that if left to its own devices, the free market forces will do what is in their selfish best interest and then not be held accountable for any damage done to others. They do this with a clear conscience as they are able to claim that they have technically done nothing illegal.
The issue is not that they have been able to usurp the legislation rather that what they have done, though not technically illegal, it is definitely 100% unethical. Morality has gone out of the current American way of thinking.
However, in order to overcome this monstrous gap in America, weherby societal ethics have been abandoned by the "ME generation", what needs to be implemented are "Spirit of Law" provisions whereby the actual intent of the legislation is considered legally binding over and above the actual specifics of the legislation itself.
In today' world, it is pretty unrealistic to imagine that any legisaltive body would be able to create a set of rules that will cover every and all future situations that might arise or have yet to be imagined.
The "Spirit of Law" legal provision will make individuals and corporations legally bound to follow through on the intetnion of the legisaltion rather trying to find ways to circumvent it. Under the "Spirit of Law" mantra any entity that finds loopholes in legislation and then exploits them would be held criminally liable and subject to prosecution.
Americans have to embrace a mindset whereby they respect the intent and spirt of the US way of life rather than imagining ways to co opt it for their own selfish purposes.