It is great to hear Pfizer CEO Jeffrey B. Kindler's newfound appreciation for corporate honesty. Mr. Kindler's motivations, however, appear more business-oriented than principled. In so many words, Mr. Kindler told fellow chief executives that ethical lapses are bad for business."When the majority don't trust you, they will find a way to force you to change," Mr. Kindler told the assembled multimillionaires at the Boston College Chief Executives' Club on Tuesday at the Boston Harbor Hotel.

"When the majority don't trust you, they will find a way to force you to change," Mr. Kindler told the assembled multimillionaires at the Boston College Chief Executives' Club on Tuesday at the Boston Harbor Hotel.Mr. Kindler understands that the image of the corporate giants has taken a hit. How could it not, given the hundreds of billions of dollars in taxpayer bailouts of financial leviathans that lavishly awarded those who pursued reckless but lucrative investment strategies, or the massive layoffs even as executives enjoy seven- and eight-figure bonuses, or the general "let them eat cake" attitude displayed toward the middle class?

Mr. Kindler understands that the image of the corporate giants has taken a hit. How could it not, given the hundreds of billions of dollars in taxpayer bailouts of financial leviathans that lavishly awarded those who pursued reckless but lucrative investment strategies, or the massive layoffs even as executives enjoy seven- and eight-figure bonuses, or the general "let them eat cake" attitude displayed toward the middle class?In September Pfizer was hit with $2.3 billion in federal fines for the illegal marketing of various drugs, including promoting the use of drugs in ways not approved by the U.S. Food and Drug Administration. On the day of Mr. Kindler's speech, Swiss authorities fined Pfizer and two other drug manufacturers $5.7 million for the price-fixing of erectile dysfunction drugs.

In September Pfizer was hit with $2.3 billion in federal fines for the illegal marketing of various drugs, including promoting the use of drugs in ways not approved by the U.S. Food and Drug Administration. On the day of Mr. Kindler's speech, Swiss authorities fined Pfizer and two other drug manufacturers $5.7 million for the price-fixing of erectile dysfunction drugs.Mr. Kindler, it appears, fears that if corporations don't clean up their act the public will demand onerous regulations that could hinder creativity in the private sector when it comes to developing products, improving efficiency and pursuing innovation.

Mr. Kindler, it appears, fears that if corporations don't clean up their act the public will demand onerous regulations that could hinder creativity in the private sector when it comes to developing products, improving efficiency and pursuing innovation.New London certainly will be a hard sell for Mr. Kindler. Pfizer recently announced it will vacate by 2011 its research-and-development headquarters in the city, the year its decade of property tax breaks expires. It is a business decision, said Mr. Kindler, a way of trimming excess after the recent merger with Wyeth Pharmaceuticals. Some might argue, however, that after benefiting from $100 million in government incentives, an ethical corporation might feel an obligation to stick around.

New London certainly will be a hard sell for Mr. Kindler. Pfizer recently announced it will vacate by 2011 its research-and-development headquarters in the city, the year its decade of property tax breaks expires. It is a business decision, said Mr. Kindler, a way of trimming excess after the recent merger with Wyeth Pharmaceuticals. Some might argue, however, that after benefiting from $100 million in government incentives, an ethical corporation might feel an obligation to stick around.There is the rub. Is ethical behavior simply staying within the confines of the law, or is it something more? Certainly Pfizer's donations of medicines to developing countries, its commitment to diversity in the workplace and its allowance of flex time to meet the needs of families are admirable. But its willingness to cut regulatory corners to market drugs and itss aggressive job-cutting send a different message.

There is the rub. Is ethical behavior simply staying within the confines of the law, or is it something more? Certainly Pfizer's donations of medicines to developing countries, its commitment to diversity in the workplace and its allowance of flex time to meet the needs of families are admirable. But its willingness to cut regulatory corners to market drugs and itss aggressive job-cutting send a different message.But who can be against a drive for corporate honesty? Certainly not us. We welcome Mr. Kindler's call for reform and wait to see if he is as good as his word. But pardon our skepticism of CEOs bearing promises of ethical purity.

But who can be against a drive for corporate honesty? Certainly not us. We welcome Mr. Kindler's call for reform and wait to see if he is as good as his word. But pardon our skepticism of CEOs bearing promises of ethical purity.