So, in breaking news both Richard Edelson and Steve Rubel have issued mea culpas on the entire Wal-Mart PR fiasco.

I’m not sure it really IS news — after all, I’m not sure they really had any recourse in the issue. After all, deny and you come out smelling like a stinker because what evidence exists is pretty strong, and the whole thing smacks of hypocrisy.

Unfortunately, owndership of the problem is only one of many steps … and many questions still lie unanswered.

1. How did this happen? Really? How could an blog which was carrying on for weeks happen under Edelman’s nose without anyone raising a hand saying “wait — is this the right thing we’ve done?”

2. Why bureaucracy the only thing that prevented you from issuing the mea culpas? Would it have been so hard to even acknowledge that there was something going on with a simple “We’ll respond in 48h?”

3. What will the repercussions be? In Edelman (the institution)? Who was directly responsible for this fiasco? Who were they reporting to?

4. How will Steve and Rich repair the effects of this blown PR blunder? Besides, saying the “I’m sorry”. It would be interesting if they … oh … I don’t know — blogged about what they’re going to be doing next.

There’s this old cliche of crisis also having a meaning of great opportunity.

If Richard Edelman and Steve Rubel’s blogs are any indication, I expect that they’re going to be busting their collective asses on turning this thing around.

If they do it right, it may yet be a case study for the ages.

I just wonder how they’re going to pull it off.