Business theorists have long emphasized the importance of employee loyalty as an important means of corporate profitability, even though ethicists have often been reluctant to include loyalty on their lists of moral virtues. This talk explores the moral and practical value of employee loyalty in light of recent corporate scandals. The speaker argues that while loyalty is not a moral virtue, properly speaking, businesses have good practical reasons for cultivating it, so long as it is of the appropriate kind and is directed at an appropriate object.