Car wrecks always draw a crowd, as every driver knows, and that's true for the equivalent in business, too. Rubber-necking at someone else's trouble, many executives thank their stars that they're not caught in the pileup; most take the opportunity to remind themselves to be extra careful to stay out of risky situations.
And yet, truth be told, if you want success as an executive you're sometimes better off being in the collision than being part of the traffic jam creeping past. The same holds true when it comes time to evaluate which of your employees you want to promote. You shouldn't hold it against someone who has had a wreck in the past (just as long as you think the right lessons have been learned from it.)
Business is not a spectator sport. Few people, however, understand how much it resembles NASCAR racing -- where several competitors race each other, jockeying for position at insane speeds, yet calculating and reacting as calmly as if they were merely maneuvering shopping carts around the grocery aisles.