Business is at a crossroads. Scandal and recession have cast a pall on the way CEOs go about leading their companies. Three distinguished professors send this memo -- Five Half-truths of Business -- as a wake-up call.

The five:
1. We're only in it for ourselves
2. Corporations exist to maximize shareholder value
3. Companies need CEOs who are heroic leaders
4. Companies need to be lean and mean
5. A rising tide lifts all boats