p.71
As the Romans were fully aware, one lauds merrily the merchandise to get rid of it.
p.71
You can give advice, or you can sell (by advertising the quality of the product), and the two need to be kept separate.
p.72
Diogenes held that the seller ought to disclose as much as civil law requires. As for Antipater, he believed that everything ought to be disclosed —beyond the law- so that there was nothing that the seller knew that the buyer didn’t know.
Clearly Antipater’s position is more robust—robust being invariant to time, place, situation, and color of the eyes of the participants.
Take for now that
The ethical is always more robust than the legal. Over time, it is the legal that should converge to the ethical, never the reverse.
Hence:
Laws come and go; ethics stay.
p.72
Indeed much of the work of investment banks in my day was to play on regulations, find loopholes in the laws. And, counterintuitively, the more regulations, the easier it was to make money.
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