Nicholas Barberis: Thirty Years of Prospect Theory in Economics: Noted for August 6, 2013
Mistermix: The Fine Print on the Washington Post Sale: Noted for August 6, 2013

Why Does David Remnick See Donald Graham as a Self-Sacrificing Figure?

David Remnick thinks, apropos of Donald Graham:

  • "his political lobbying on behalf of his educational company" was evil,
  • his editorial page was a disgrace with which every rational person "disagreed fiercely",
  • he accepted more than twice as much money as the Post is now worth to go away and leave it to Bezos, and "from another owner, you would… think he was bailing--as simple as that".

Nevertheless, Remnick says:

Graham… became a kind of tragic character: decent, generous, fair-minded, ethical, but unable to reorient the Post…. You couldn’t doubt his heart…. Donald Graham’s heart is broken. What he could not stand to do was break the Post. On Monday afternoon, he sacrificed his family’s ownership in the hopes of saving the thing itself.

If Donald Graham really wanted to sacrifice in the hopes of saving the thing itself, wouldn't he have done a deal not at the $250M Bezos was eventually willing to pay but rather the $100M that the thing is worth?

Why oh why can't we have a better press corps?