Government Regulation Increases the Chances of Wrongdoing
The narrative is that businesses are greedy and don't care about anything but money so the government must regulate industry to insure consumer safety. Then the government hires people from those industries to regulate those industries, it's called the revolving door. The justification is that nobody knows the "ins and outs" or industry better than people from those industries. Wait, what? The very people who can't be trusted will be regulating the people who can't be trusted?
Those inside industry regulators then insure that their former colleagues in industry don't suffer serious consequences. They might throw a mild sanction or two at them when politically expedient to keep up appearances but it's a drop in the bucket compared to their revenues. If a serious incident occurs due to regulatory maleficence, their regulatory friends will say it wasn't the company's fault but rather the regulations were insufficient and need to be reviewed and updated and they'll praise the perpetrators for their diligence and professionalism in upholding the highest standards. After a few years of regulating, those same people will return to industry for a seven figure salary because now they know all the right people to lobby in regulatory positions. They all play golf together, drink together and attend all the same fund raisers.
The regulators are middlemen in positions of tremendous power and influence and they're for sale as are all politicians. The consumer believes they are better off, safer thanks to regulation but they are actually worse off because businesses can get away with almost anything and their regulatory cronies have their back. Imagine being at the top of the social hierarchy, no one to govern the governors, and knowing you can get away with almost anything to increase profits and stock prices.
Government regulation ends up being justification for wrongdoing, not a safeguard against it.