In this article, we argue that sick leave and its management within the university involves exchanges of moral capital. The circulation of moral capital supports a moral economy, in turn underpinning the political economy of the corporate university. The forms of moral capital are diverse, sometimes easily recognized as such, more often hidden in plain sight. Like other forms of capital, moral capital can be accrued, depleted, and exchanged as it is paid forward. The exchanges between employers and employees within this moral economy represent trading of moral capital over and above contractual exchanges of income and other benefits for labor. Sick leave transactions illustrate the many forms this moral capital can take: values and principles, entitlements and accruals of sick leave, bureaucratic compliance, discretion, vulnerability and deservingness, employment history, and work ethic.