Let me set the scene. It's a meeting room with one, maybe two white boards. The entire development team has gathered. You may have representatives from the business there. Your Product Managers, your Scrum Master, maybe even one or two C-level execs. Something went wrong in production and everyone is looking for who knows what.
There are different ways people handle this situation, but we're going to look at it from the standpoint of the person who introduced the bug into the code which landed in production and costs the company a quarter of a million dollars. I witnessed this first hand. I knew who had introduced the bug and I watched them try to spin the blame onto another team, saying the requirements weren't clear enough and that the QA was not intensive enough.
I tell everyone on any team that I put together that I expect complete transparency. If you messed up and put the comma in the wrong place or truncated 6k rows of data, tell the team and tell us quick. In the mantra of "fail fast", I believe raising the flag of error quickly is the only way to deal with an issue. Don't try to hide it, or blame someone else for it. Own it. Live it. If consequences come, they come, but the transparent developer is quicker forgiven than the one who is constantly looking out for themselves and blaming others, because that person isn't a true member of the team, and therefore will impact the ability of the team to be effective.
Transparency is honesty, and honesty can be hard for some, but it is the clearest path to removing impediments and creating a team environment where ideas can be shared without worrying about a co-worker using it as ammunition when they are standing in the meeting room with two white boards where something went wrong in production.