Nonsense--- you placed to much trust on the idiot who okay-ed the damn commercials in the first place. Dodge all you want, but the ad company didn't make the decision, you did...
Keep in mind that an agency relationship is like any other where you're after the (supposedly) superior understating and judgement possessed by whoever you're hiring (e.g. doctors, lawyers, engineers, etc.)
When these relationships work well, it's often because the client puts a lot of trust in their partner. Kudos to Mason for swiftly realizing that his trust was misplaced, that responsibility for that was his, and for responding promptly. Also note his announcement that they'll be a lot more involved in their brand management from here on.
In other words, it looks like this really was a hard, nasty shock that they're taking seriously, and are responding to accordingly. That's very different from simply canning one agency, and replacing them with another who will continue to function in the same way as the first, which is far more common.
doesn't sound quite like coming clean.
If these guys guys deflected all blame from themselves and tried to focus it all on their partner, that would be a bad sign. But if they also blame themselves for having selected a dicey partner, and have figured out what errors led to that error, then I really think they're handling themselves - and the situation - quite well.