Ethics Optional

What good is a public code of ethics ending in a provision saying:

From time to time, the firm may waive certain provisions of this Code.

Sounds pretty shady, right?  At a minimum such a provision seems odd--why even publish a code of ethics when you acknowledge that the code is non-binding?  Actually, these kind of cop-out statements are pretty common for companies who publish their code of ethics.  The above disclosure comes from Goldman Sachs and similar clauses can be found in codes of ethics of companies like Exxon Mobil.  The Motley Fool has a great article discussing these clauses.  Here is one paragraph I particularly enjoyed (referring to waivers of a firm's code of ethics):