1 Natural Law Point (Freedom of Contract) + 1 Government Observation

---NATURAL LAW POINT---
Thomas Jefferson used natural law theory to justify what has become arguably the most recognized sentence in American English contained within the United States Declaration of Independence regarding our inalienable rights "We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness."

Natural law was not only an influence in the Declaration, but also in the Constitution--starting with Freedom of Speech.

"Freedom Of contract along with the right to own property were core elements in the American vision of personal liberty . . . The American constitution scheme places contract liberty well above common law status; it is a guaranteed personal right. Liberty of contract is recognized not as power delegated by the sovereign, but as power originating in and guaranteed to the people."
--Brian A. Blum and Juliana B. Wellman, "Participation, Assent and Liberty in Contract Formation," Ariz. St. L.J. (1982), 901, 907-08.

While internships are coming under fire in the U.K. with this HN Link, the same case about breaking minimum wage or any other attack could and has just as easily happen(ed) here in the U.S. The reality is, like others have said, is that it is not the fault of the companies, rather those who choose to work for them.

I had a choice when in University to work as an intern (paid or unpaid) through the school's "co-op" program or find my own co-op experience that had to be relevant to my studies. While many took the route of going through the school, I chose to find my own which paid triple that of the average paid intern through the school program and obviously much better than unpaid--not to mention my experience seemed to have been better as most other interns complained about doing "grunt work".

---GOVERNMENT OBSERVATION---
It is our choice to make and shouldn't have the government mettle in this type of affair. Take a look at what happened in New York circa 1902 when government went to far into labor laws and practices: http://en.wikipedia.org/wiki/Lochner_v._New_York

Regarding the above, basically, New York State law was passed in 1897 stating "No employee shall be required or permitted to work in a biscuit, cake, or break bakery or confectionary establishment" for more than 10 hours per day.
What?
Lochner was a baker and he was fined for allowing employees to work more than 10 hours a day or "violating the state law limiting the number of hours his employees could work."

The government of New York tried to justify this ridiculous law by saying it was to protect the health, safety, morality and welfare of bakers in New York.

Thankfully, the Supreme Court sided with Lochner that the New York State law was unconstitutional, although their reasoning is a little poor. Unfortunately, the Lochner law was reversed in 1937 under the guise of upholding a Washington State law setting minimum wage.

Like anything, freedom and restrictions and governing can be abused, and anyone can argue either side of the situation easily, but it is the choice of the people to side with our natural rights as citizens, including our right "to be free in his person and in his power to contract in relation to his labor."