>> If you were regulated and you had to hire someone to help you understand what you are and aren't allowed to do by these regulations wouldn't the first person you look to hire be the person who actually wrote the rules?

That's just the kind of story that people tell themselves and others while they're making a ton of money by screwing over society; that way not only can people get rich doing horrible things, but they can also look their victims straight in the eyes and smile while they're doing it. It's a win-win! (in the sense that one side gets to win twice).