The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK ( TheStreet) -- Succession planning is tough, especially when you're considering relatives. And that's usually the case of family-based companies.
Consider Rupert Murdoch's plight with his son's leadership at News Corp.'s (NWS - Get Report) British papers, where a phone-hacking scandal has seriously jeopardized revenues and certainly the reputation of the empire.
James Murdoch, the youngest son of media mogul Rupert Murdoch, has relinquished his position at News International to concentrate on blah, blah, blah . . . .No disrespect intended. Daddy is just saving his boy, as father's often do. However, is Rupert teaching James the values of leadership and consequences? Or the values of paternity and privilege? Follow TheStreet on Twitter and become a fan on Facebook. With respect to the scandal, the old question emerges: "How much did James know and when did he know it?" Was he complicit, complacent, corrupt, incompetent or simply disconnected from the reality of his company's culture? As is generally the forensic determination in a scandal, recent revelations were symptomatic of a culture of lax oversight and routine misconduct. The bottom line: whatever was going on, had been going on so long, it had become "acceptable" -- until of course it came to the light of day.