The present study compares the ethical perceptions of three sub-cultural groups living in the USA - Anglos, strongly identified Hispanics, and weakly identified Hispanics. It compares the responses of these three groups to two ethical scenarios using conjoint analysis, in addition to the traditional comparison of central tendencies. A comparison of means does not show any significant differences among the three groups and the overall pattern of relative importances is similar for all three sub-cultural groups. However, conjoint analysis did detect some difference between Anglos and Hispanics. Less assimilated Hispanics were found to be somewhat more concerned about the magnitude of dollar loss as opposed to the Anglo focus on probability of loss in their ethical perceptions; two utilitarian, albeit somewhat different orientations.