Allen Pinkett should have shown more tact regarding what he said, how he said it, and when he said it.

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That is hasty: Britain is still a place where snap judgments are made about shoes, accents and haircuts and where the ripe vowels and superior biographies that distinguish many senior Tories might, with more tact, be turned against them.

ECONOMIST: Bagehot

But merging will require tact, since Paribas's value resides far more in its investment bankers than in other assets.

ECONOMIST: Yes, but who won?