Mea Culpa

Mea Culpa of course is Latin for "my fault". Today's popular usage is the ubiquitous "my bad". It's very interesting that many recent declarations by individuals sort of explaining their role(s) in the financial crisis really weren't what many wanted--full mea culpas but instead were rather lame statements such as "I'm sorry" or "I regret" (just short of "tough luck"). This is naturally symptomatic of society as a whole--half-hearted apologies but no taking of responsiblity, which of course could lead to lawsuits or other nasty results, including loss of reputation (if any remains).

To TNB, the most fascinating example is one-time revered icon of all economic gurus--Alan Greenspan, former Federal Reserve chairman, who in his heyday was held in unquestioned high esteem by one and all. During recent Congressional testimony, Greenspan stated that he had been right 70% of the time and wrong 30% (which is about 29.99% higher than he previously admitted). Not exactly a mea culpa but a grudging concession that he might possibly be mortal.

Also Robert Rubin , former Treasury Secretary and Citigroup chairman muttered a few "I regrets" before the same Congressional committee but insisted that he was basically blameless for any ultimately failed economic policies or the tribulations of Citigroup which required life support from the Federal government. Rubin needed no such aid having been paid $126 million by that bank for his wise advice. Why admit you're at least partially responsible for Wall Street's problems--someone (gasp!) might suggest that you repay something?

Actually, it's quite fashionable today to blame the victim for anything you may have done--perhaps it is is everyone but these former Masters of the Universe (thanks to Tom Wolfe) who should be expressing their mea culpas.