Ethics...It's All Relative

In Chapter 10 in Elements of Journalism, it could be said that there are no rules in journalism only ethics. Like the story in the beginning of the chapter about the columnist for the Boston Globe. Could good ethics on her part would have stop her from making up those columns...of course. What I want to understand is this, since there are no rules in journalism, some reporters are being fired by ethics or lack of them. I belive it is a good thing to put ethics in the forefront of this proffesion. So do you think that without them, journalism will be a seispool of corruption?