Lecturer, Buchmann Faculty of Law, Tel Aviv University. The paper was originally presented at a conference on "The Role and Limits of Legal Regulation of Conflicts of Interest" held at the University of Pennsylvania Law School. I am grateful to Hanoch Dagan, Jerry Frug, Roy Kreitner, Dori Spivak, Talha Syed, and to the Conference participants for their helpful comments. Ayelet Oz provided excellent research assistance. The author wishes to thank Dana Rothman and the members of the editorial board of Theoretical Inquiries in Law for their diligent and careful work. For a fascinating overview, see John T. Noonan, Jr., Bribes 1-135 (1984).