That's not it. Corporations are entities composed of individuals who, while ususally possessing a moral compass on the personal level, cannot translate that into the overall effect of the entity on the world due to the objective of pure profit. The minority of those who do not possess a moral compass do not help matters, as ruthlessness tends to result in greater profits, and so these individuals rise to the top while their more moral peers remain low in a corporate hierarchy.
A corner cut here, a bribe there, and before anyone knows what's happened the corporation in question is allowing atrocities to stay in the green. Malice doesn't really enter into it, but greed certainly does.
I agree. (While I have never experienced this phenomenon directly, I have encountered its cousin within nonprofit corporations (I volunteer at a science museum), wherein a bunch of intelligent, well-intentioned, and generally industrious individuals come together to operate an educational facility wherein literally even the "out of order" signs do not work properly. This is true, they have a standardized design of "out of order" sign that they use whenever anything breaks at the museum, these signs, however, do not actually contain the words "out of order" or "broken" anywhere on them.)
I've also read a lot of philosophy dealing with this sort of concept in relation to a larger phenomenon generally referred to as "the thing", "the combine", "the black iron prison", or "The Conspiracy" (with a capital C).