The purpose of this paper is to examine various industries for examples of conflicts of interest, and the resulting harmful ethical and managerial effects. All of these examples are well known, having appeared in various news sources. However, each incident has been viewed as an isolated case with no common lessons to be learned. The authors posit that, were it not for the presence of conflict of interest, these abuses might never have occurred. Even the most ethical of people might (...) succumb to temptation when the potential gains are large. It may be impossible to eliminate all conflicts of interest but reducing them will certainly enhance the chance that people will do what is right. Organizations that are truly concerned about ethics must first ensure that there are few conflicts of interest present. Of course, the same may be said about textbooks discussing ethics; first explain the concept of conflict of interest and show how it often produces unethical behavior and then talk about ethics. (shrink)