While I agree in general with this sentiment, do you think non-profit corporations are in the same boat? Or something like the FDIC?
There are really bad non-profits, I've worked at them. However, endless search for endless profit by shareholders, CEO's, and executives is usually the cause of a loss of morals and ethics. I think it's nearly impossible for very large corporations making profits to do actual good for society except give us endless growth with products and services we really don't need. This doesn't mean a small local bakery taking in profits isn't doing the community good, but extremely large corporations don't benefit the same way.
The Red Cross is worse than many for profits. If a for-profit doesn’t deliver the goods, they don’t get paid: they are incentivized to do what their customers want. The Red Cross is incentivized to bring in donations even at the expense of their stated purpose. Look at the salary of the Red Cross CEO — a salary paid by tax deductible donations. Look at the corrupt nonsense engaged in by many universities. To suggest non-profits have any better or worse ethics than for profits is a vast over simplification. The Clinton Foundation even paid for Chelsea Clinton’s wedding as well as private jet transport by principles. Even Greenpeace’s leader was commuting by airplane.