Hey, my boss takes care of me
I take care of him.
I figure I have a direct responsibility to the company.
I make them money, they pay me.
I have also have an interest in keeping my boss happy.
As long has his behaviour is not in direct contradiction to the company doing well, I support him.
I will not argue in public (unless he tells me to), but I'll rip him a new asshole in private if I think he needs it.
But my job it to make him look good, as long as it is not in contradiction to the company doing well. Pretty simple.
If there comes a time I determine it is no longer in the company's best interest to support him, I'll throw him to the wolves. But I don't see that happening. He is both way too smart and way too ethical to cross that line.