Eddie Murphy Backs Out of Hosting 2012 Academy Awards

Eddie Murphy is standing by his buddy, Brett Ratner.  He’s bailing out on his hosting gig for the 2o12 Oscars.  He gave this brief statement:

  “I was looking forward to being part of the show that our production team and writers were just starting to develop, but I’m sure the new production team and host will do an equally great job.”

If you missed it, Ratner resigned from the gig of producing the Oscars after getting himself into some hot water for using a homophobic slur at a Tower Heist screening which his pal, Eddie Murphy stars in.

What do you guys think?  Should Murphy have stuck it out?  Or is that what being a true friend is about?