"I'm sorry", no longer cuts for Rupert Murdoch. No one thought at News Corp's annual meeting Murdoch and his two sons would have been rejected for another term on the board of directors. The family owns 40 percent of the voting shares.
What is new: the growing unrest and rebelliousness among News Corp's institutional investors. After a well earned grilling from the floor, old Rupert apologised for the phone hacking scandal and the damage to the company's reputation. He tried to assure the restive assembly of investors that he is conducting an in depth, thorough investigation of the matter and is intent in rooting out the circumstances and keen practices that threatens Murdoch us$63 billion empire. No independent enquiry, thank you very much!
Should one trust Murdoch's promise and word? Hardly. The phone hacking cancer is spreading throughout the empire. Now, rumour mongering staff, it now turns out, had access to MI-5 files of the royal family. Ain't that a kick in the head? Sure enough!
The News Corp has breached secrecy laws, and when younger son James Murdoch again appears before a parliamentary committee will have a lot to answer for. Will he be more truthful?
Poor Rupert, he may crawl, he may weep buckets of tears, he may beat his breast murmurring 'mea, mea, mea maxima culpa', but it is a stretch to think he is sincere or telling the whole truth.
Sorry, old cock, no absolution for you.
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