There's a story about Warren Buffett taking over Salomon Brothers in the eighties, following a scandal in the bond trading department. The firm had been caught submitting false bids in Treasury auctions—massive fraud that threatened to destroy one of Wall Street's most powerful institutions.

Buffett was brought in as both a shrewd economic businessman and someone who genuinely seemed to conduct himself according to his principles. He was a value investor who understood how to save money, but more importantly, he had a reputation for integrity that Wall Street desperately needed to see.

Every day, traders came to him with questions. Could they make this trade? Was this behavior acceptable? Did it skirt the new restrictions? Buffett grew tired of the constant ethical consultations. So he issued a company-wide edict:

Before you do anything, ask yourself one question: Would you be comfortable if this appeared as a headline in The New York Times tomorrow morning? Something your friends, family, and mother would read?

If the answer is no, don't do it.

It's brilliant advice. Simple wisdom that cuts through all the noise.

But here's what happened just this week: