Many years ago a senior executive of the then Standard Oil Company made a wrong decision that cost the company more than $2 million. John D. Rockefeller was then running the firm. On the day the news leaked out most of the executives of the company were finding various ingenious ways of avoiding Mr. Rockefeller, lest his wrath descend on their heads.

There was one exception, however; he was Edward T. Bedford, a partner in the company. Bedford was scheduled to see Rockefeller that day and he kept the appointment, even though he was prepared to listen to a long harangue against the man who made the error in judgment.

When he entered the office the powe…