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Be consistent. "You have to set an ethical standard and you have to live by it," said Leigh Hafrey, an ethics lecturer at Massachusetts Institute of Technology's Sloan School of Management. "There's a fair amount of agreement that we're in the mess we are now because we were not more disciplined and more rigorous with our ethics several years ago."

Don't wait. You can't expect to push an ethics plan amid trouble, then dig your way out. "Your codes need to hold sway even if there is no crisis," Hafrey told IBD. "People say we need to pay attention to this now, and we do. But without making a fuss about it, companies need to apply ethical principles at all times, even when things are good."

Make change systemic. The problem is too big for individuals to have much impact, says Diane Swanson, a business ethics professor at Kansas State University.

Peers and the law have strong effects on most people's reasoning. "What is being revealed is executives need appropriate boundaries set for decision making," Swanson said. "For me, the big issue is the integrity of the system. I see the need for structural changes. An executive of utmost integrity still has to deal in the context of the system."

Watch what's accepted. When activities become standard, don't expect those in the business to operate differently. "You can't count on executives rising above that and operating outside of industry norms," Swanson said. "I'm suspicious of claiming that people can step in and be ethical when the system is not set up for that."

Beware how you boast. Companies and leaders can tell the world they're ethical. But that can mean a lot of things, Swanson says. "That's becoming so commonplace that I'm becoming cynical when I hear it. It's easily said, and it deserves more attention."

Back it up. When you do tout your ethical behavior, be specific. "People don't know what that means," Swanson said. Build a legacy. Once people know your firm's history of operating ethically, they'll turn to you in troubled times. "There can be a reputational advantage to being consistently ethical," Swanson said.

Find a role model. Leaders must look to others as examples that you can do things the right way and be a success, Hafrey says. "The mentoring piece has a real impact," he said. When the government hired Edward Liddy last month to turn around teetering American International Group, a colleague quickly touted Liddy's integrity. Tom Wilson, who succeeded Liddy as CEO at Allstate, said in a statement, "Brilliant, strong leader, unwaveringly ethical, Ed undoubtedly is the right person to lead AIG through these difficult times."

Work with others. In the case of the financial rescue plan, company leaders must show they'll cooperate with political leaders with an eye toward public confidence, Hafrey says. "Evidence of collaboration goes a long way toward regaining trust," he said.