A lot of prominent business people seem to be having a credibility problem these days. Now you and I have never deceived thousands of people and bankrupted a $100 billion corporation, but if we're honest about it, we all have to admit we have now and then been caught stretching the truth. Big fish or little fish, an artful act of contrition is the only way to regain your credibility in those circumstances. The key points of that process, which you can see being practiced nonstop these days on C-Span, go like this:

The first step, according to Howard Rubinstein, the PR icon who put Marv Albert on the comeback trail, is to tell yourself the truth. And, of course, your lawyer. Don't blame your boss, the media, your spouse. Until you admit your own fault, you can't expect people to believe you've really changed.

Understand the emotions arrayed against you. Just telling your side of things won't fix things if others see you as the embodiment of the dark side of capitalism or the reincarnation of their playground bully.

Apologize fast and to the right people. You must tell the offended person that you are sincerely sorry. But you don't then have to go and tell the entire neighborhood that you are sorry.

Once you've taken blame, take ownership. Do something to show you are fixing the problem. A good example is Andersen's hiring of Paul Volcker to revamp their auditing practices. It lends credibility to the notion that the accounting firm is turning over a new leaf.

Finally, move on. Bob Gray, the PR man who advised Richard Nixon after Watergate says the best advice he ever gave Nixon was to be patient. Time heals all wounds, so get the clock ticking.

For Sound Money, I'm Eric Schurenberg in New York .