Prior to the collapse of Enron, the company's board of directors voted to waive the application of the company's ethics policy to certain members of...

Prior to the collapse of Enron, the company's board of directors voted to waive the application of the company's ethics policy to certain members of the management team. This allowed management to engage in activities that would otherwise violate the company's ethics policy. The waiver vote contributed to the illegal activity by the company's management team, harm to the shareholders, and investor distrust in the market.

What consequences would flow from a violation of the prohibition on insider trading? How would you address the conflict between the company's desire to act legally and ethically, and non-public information that may tempt your corporation's personnel to gain an advantage from insider trading? Include at least three ethical standards