Chief executive officers have much in common with heads of state. One is their general reluctance, sometimes outright refusal, to say sorry after making decisions that lead to disasters. Jerry Levin's belated apology last Monday for the ruinous merger between Time Warner and AOL 10 years ago is a case in point. Long after it became clear that the dotcom- bubble-driven merger was not working, the former Time Warner CEO continued to defend the US$164 billion deal. Investors and employees hurt by the merger could take little comfort from his latest contrition.
It's not clear what led to his public admission on US television. Still, it is better than nothing. It comes at a time when bankers and financial engineers have much to apologise for over their role in causing the financial crisis. If more former financial titans are ready to accept responsibility and not wait 10 years for it, it may help clear the air and ease public rancour against them. Lloyd Blankfein of Goldman Sachs, ahead of the curve as usual, has admitted a degree of collective guilt for the US financial industry over the crisis, though he has stopped short of apologising for his own firm's part in it.