Bloomberg: Former Google CEO and current executive chairman Eric Schmidt was unusually candid when speaking at a California conference. Speaking of Google's forays into social networking, he said, "I clearly knew I had to do something and I failed to do it." He added, "The CEO should take responsibility. I screwed up."
Schmidt also said that rival Facebook "has done a number of things which I admire." And he described Google, Facebook, Apple and Amazon as a "gang of four" that stand out in the tech industry.