This is why we need Public Interest Capitalism:
Markets can only function well if there is an appropriate legal framework to restrict the behavior of market participants; however, the legal framework is inevitably inadequate. A “greedy” market participant that seeks to gain at the expense of others can usually findsome way to do so.
From Bootle’s recent book The Trouble with Markets, excerpted in a Telegraph article entitled “Greed isn’t good – it’s dangerous“:
Society cannot live by greed alone. Even if it can cope perfectly well if some of its members are motivated in this way, it needs millions of people to be motivated by duty, responsibility, and a sense of public purpose. These are feelings that the triumph of unbridled greed in the financial markets threatens to overwhelm. The market was made for man, not man for the market.
Exactly. We need to get the financial sector under control and restore the balance between private and public interest in corporate management.