Restoring the Honor System
My column today, Restoring the Honor System, deals with the Transocean PR debacle that (eventually) led to the executives doing what they should have done to begin with. The kind of hardened selfishness and complete disregard to what transpired last year that was originally exhibited in deeming 2010 a watershed year in safety for Transocean should NOT be heartening to shareholders. It should only show that these folks are fairly well removed from how anybody else feels or perceives the situation. (Unfortunately, that's not uncommon these days.)
However, the outrage seems to have certainly reminded them that maybe a little more "sensitivity" is in order. At any rate, my piece also delves into the hope that people will remember there are all kinds of choices, and there are ways to make choices that reflect honorable leadership.
That reminds me, I delved into A Key Takeaway from Buffett's Blunder last week -- I can't stand hero worship either, and I thought the whole Sokol deal sounded really sketchy and unethical. That's another reason why we need strong corporate governance at all companies, when even somebody with a reputation like Buffett's has been known to do things that require some critical thinking on the part of shareholders.