Saturday's panel on ethics was led by J.R. Labbe of the Fort Worth Star-Telegram, chair of NCEW's ethics committee. So it's pointless to say conflicts of interest should never happen.
Ethical behavior is the process by which they are resolved.
Publisher Larry Walker of the San Antonio Express-News, the second panelist, talked about the delicate task of balancing the obligation of informing the community and the necessity of making a profit. He also gave some examples of the problems that can arise when newspaper people take leadership roles in the community, for example on boards of directors of organizations that unexpectedly find themselves in the news.