In any sensible system of institutional governance, negligence would be sanctioned. So why is it that leaders of major corporations often seem to escape punishment for negligent conduct? Why is it that Tony Hayward, the head of BP, can publicly admit that it was “probably true” that the company should have done more to prepare for deep-water drilling emergencies and still keep his job? This is a company that as recently as March 2010 defined itself as the leading deep-water drilling company. It’s also a company that has demonstrated a pattern of questionable conduct related to safety as exemplified by the 2005 Texas City refinery explosion and the criticism leveled by the Baker Report as well as the lack of care that contributed to the 2006 Prudhoe Bay pipeline leak. Why are heads not rolling up and down the leadership chain at the company?