A recent survey of undergraduate business students indicated that an overwhelming majority, over 75%, of the participants admitted to cheating. When graduate school majors were surveyed, research indicates that the biggest cheaters, 56% overall, were business majors. Are students behaving in response to societal rewards of corporate malfeasance resulting from corporate fraud? The defense and justification of "everybody does it" undermines the academic integrity standards and the financial reporting standards. A recent editorial likened the reports issued by Wall Street financial firms to a "fairy tale of assets." This mindset of fraud and corruption infiltrates the learning process and establishes a diminished ethical expectation for the business students.