>Wouldn't it be better to just live under a system of laws that prevents insanity like this? Not in my opinion. Laws are hard to uninstall or to change once en

>Wouldn't it be better to just live under a system of laws that prevents insanity like this? Not in my opinion. Laws are hard to uninstall or to change once enacted, and they tend to have unintended consequences. And investors aren't like widows or orphans in needing lots of regulatory and legal protections. (The most useful protections for investors are probably the ones that ensure that the relevant published information is actually true.)