What is Conflict of Interest

Maybe you're a news-junkie.  Maybe you just check-in once in a while.  I know that it's hard to watch the steady stream of horrific scenes from all around the world.  ISIS.  Syria. Plane crashes, Train derailments. Terrorism bombings. I guess this is why I make sure that I catch Steve Hartman every Friday.  At least there is one positive news clip!

Dreamstime photo

In addition to the above mentioned atrocities, I'm noticing more and more news that falls into what might be termed, "Conflict of Interest".  Normally we understand this term in a legalistic point of view; Legal or illegal, yes or no, black or white, right or wrong.  Can something be legal and yet still be a conflict of interest?  Can something provide some good and still be found guilty of this conflict?

Examples.