Very valid points. People will forgive all kinds of mistakes and failures - except for ethical ones. There are always reasons to take the short cut in prisonner's dilemma but work and life is a repeated game where trustworthiness pays.

In the first example (staying loyal to a lower valuation) financial incentives are on the aide of ethics. The later example (tossing out a signed term sheet to get a better investor) is where it's a real test. It's not an ethics decision until there is downside.