April 7, 2008

Titanic and Public Servants

Captain Maurice Henry Clarke, the inspector who cleared the Titanic for sailing, being examined:

"Did you think your system was satisfactory before the Titanic disaster?"
"No, sir."

"Then why did you do it?"
"Because it was the custom."

"Do you follow a custom because it is bad?"
"Well, I am a civil servant sir, and custom guides us a good bit."

Source: “The Titanic Disaster: An Enduring Example of Money Management vs. Risk Management”

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