Sure. And if the government cretins would forego a lawyer or two and instead hire an actual technician tasked to actually verify the performance of regulated products once or twice a decade, you'd actually have some means of keeping the business cretins under control. But time and time again, whether it's Madoff or dieselgate or Boeing, we find no functioning technicians anywhere in the whole, bloated clown show: just a bunch of lawyers covering asses and gleefully dancing through revolving doors.
Business cretins will be cretins. That is a metaphysical certitude. Even if you throw enough of them in a GULAG to cripple you're economy, the survivors will still be cretins. If you want compliance, the only hope you have is diligent regulators. When (not if) they fail, be sure your government-worship hasn't blinded you to their culpability.