Waves of Contempt

Twenty years ago I was a corporate lawyer on Bay Street. One of my firm’s clients was Campeau Corporation, a real estate company founded and led by the gifted and excitable Robert Campeau. Bob Campeau was a man of outsized personality and fierce temper. Campeau Corporation had borrowed a lot of money to buy two large U.S. department store chains. As a result, it was in serious financial trouble. At a tense board meeting, Bob was asked to leave the room while his future as chief executive officer was discussed. He went grudgingly to his lavish office next door.

It was quickly decided that Bob had to go. But who would tell him? All eyes turned to Conrad Black, the most imposing and formidable member of the board. He agreed to bell the cat, and proceeded in his stately fashion to Bob Campeau’s office to deliver the unpleasant message.

The rest of us sat in silence for the next 20 minutes listening to muffled shouting coming through the wall separating the...