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1 1. Sen (1987) and Werhane (1999) have argued that Smith’s masterpiece, Wealth of Nations, is incorrectly construed as a justification for self-interest, and that it speaks more broadly about virtues such as prudence, fairness, and cooperation.

2 2. Wicks (2003), page 5.

3 3. Oxford English Dictionary (1989), Vol. IX, page 1068.

4 4. Ibid., Vol. V, page 421.

5 5. Wicks (2003), page 11.

6 6. Quoted in K. V. Salwen, “SEC Chief’s Criticism of Ex-managers of Salomon Suggests Civil Action Is Likely,” Wall Street Journal, November 20, 1991, page A10.

7 7. Paine (1999), pages 194–195.

8 8. Bhide and Stevenson (1990), pages 127–128.

9 9. The utilitarian philosophers, Jeremy Bentham (1748–1832), James Mill (1773–1836), and John Stuart Mill (1806–1873), argued that the utility (or usefulness) of ideas, actions, and institutions could be measured in terms of their consequences.

10 10. The philosopher Immanuel Kant (1724–1804) sought a foundation for ethics in the purity of one’s motives.

11 11. Bowie (1999), page 13.

12 12. This view originates in ancient Greek philosophy, starting from Socrates, Plato, and Aristotle.

13 13. Russ Banham, “The Warren Buffett School,” Chief Executive, December 2002, downloaded from www.robertpmiles.com/BuffettSchool.htm, May 19, 2003.

14 14. See New York Central v. United States, 212 US 481.

15 15. Murphy (1997) compiles 80 exemplary ethics statements.

16 16. The seven steps include:Tailor ethics standards to be appropriate to a company’s particular business and demands.Appoint “high-level personnel” to monitor compliance with the standards.Take care not to delegate “substantial discretionary authority” to anyone with a tendency toward illegal conduct.Communicate the ethics standards to all employees.Take reasonable steps to achieve compliance with the ethics standards, including a system by which employees might report the misconduct of others.Consistly enforce the ethics program through “appropriate disciplinary mechanisms.”Respond to the infractions appropriately and in a way to prevent similar offenses.

17 17. Thomas A. Bowman, “An Open Letter to Leaders of the Investment Community,” Wall Street Journal, January 23, 2003, page C3.

18 18. Melinda Ligos, “Boot Camps on Ethics Ask the ‘What Ifs,’ ” New York Times, January 8, 2003, page 12 BU.

19 19. Johnson (1993), page 202.

20 20. Werhane (1997), page 4.

21 21. Ron Grover, The Disney Touch, Homewood, IL: Business One Irwin, 1991, page 23.