Executives have a "duty" to increase "shareholder value". It's not that they necessarily wanted to do X, but their hands were tied because the "data" clearly showed that X was best for shareholders. Plus, if X was so bad, it's really the government's fault for not making it explicitly illegal.
Shareholders aren't individuals either, they're mostly mutual funds, pension funds, ETFs, etc... that makes algorithmic investment decisions. They didn't ask for X, but the funds they invested in will react to not getting X.
What percentage of people in these meetings are so wealthy they can risk everything over morally gray area decisions like this? Further how many can get away with it repeatedly should they choose to fight a battle like this?
I've found that when people use "wolf pack" (or "caveman times") explanations, what they're actually doing is using social models that (surprise!) reflect the culture that created them: humans in the twentieth century.
I've quit jobs rather than doing sketchy things. For people in these industries, there's always a next job.
So, its more a "stay and fight" or "get rolled over and threaten/quit" decision. I'm betting most people just weigh the monthly mortgage payment against that and they raise the issue, but it doesn't get pushed beyond the discussion phase. If this goes on long enough, they switch jobs, or they become that person that just keeps their head down and do what they are told.
You don't have to be the just-following-orders guy, is what I'm saying. Somebody else might--that doesn't have to be you, and shouldn't be.