The implosion of Enron and WorldCom, the trial of Arthur Andersen, the prosecution of Tyco's former CEO for tax evasion and possible obstruction of justice, continuing accounting questions at several other public companies, innumerable SEC investigations, and of course, the trouble of Martha Stewart, have quickly and fundamentally altered the business- and legal- environment for all companies and executives. Through the sometimes surprising turns of what the media calls a "corporate crime wave," business executives need to discern in the noise of the political and sensational story what really is different now, and what needs to be done to adapt to this new and hazardous environment.