There is only one Panama Canal. But there are two Panama Canal stories. One is about the successful construction of the Panama Canal by the United States. The other is about an earlier failed attempt by French interests. This is the story of the failed French attempt to build a Panama Canal. It is a story with timeless ethical lessons for engineers....and public and private policy makers....from which to learn. This is a story that unfolded between1879 and 1889. But the ethical lessons are as relevant today as they were then.