What color is ‘morally grey’?

In the latest Heroes episode (season 3, episode 17), Noah Bennett uses the phrase morally grey again. Apart from me joking that morally grey would not make a nice wedding color, it also made me wonder what shade of grey it would really be. I actually believe 'morally grey' should not really exist - a contradictio in terminis maybe. Isn't something either 'good' or 'bad' and making any excuses just pulls it in the grey area and therefore admits it was 'bad'? I guess it also depends on what definition you go with.

As for the current state of the world: it seemed that for a lot of people in business and politics 'morally grey' was (and is) their favorite color. Makes you wonder when the day of reckoning is going to come.