Too big to fail

Wise Words: fail-safe, “too big to fail”

Understandably, in times of terror, tragedy or disaster, words often fail us. We believe we can avoid all three, and are therefore unprepared when they do strike.

Costa Concordia, a cruise ship carrying 4,200 passengers and crew, capsized this week off the coast of Italy. Most people managed to escape, but it's feared that more than 20 may have lost their lives. My thoughts go out to the families and friends of all the people who were on board.

The company's chairman and chief executive Pier Luigi Foschi told reporters that such ships were "ultra-safe”. Francesco Schettino, the captain, must also have been convinced that his ship was “too big to fail” — so when it did, it appears that he failed, too.

Recordings from members of the coast guard who spoke to Schettino after the ship ran aground show that the captain failed to act correctly. He abandoned his ship before all his passengers had been rescued. He failed in his duty, too.

Schettino probably believed that the navigational systems and the construction of the ship were fail-safe. In an interview with reporters after the sinking, he appears incredulous.

But nothing is ever too big to fail. Not the Costa Concordia, not the Titanic — and certainly not any bank, company or currency.

In time, we do find words to describe terror, tragedy and disaster. Let's look at some of the statements people have made about the Costa Concordia in the exercise on the next page.