Leave Yahoo CEO Scott Thompson Alone! 319
theodp writes "Over at The Daily Beast, Dan Lyons says Resumegate is overblown and says it's time to stop picking on Yahoo CEO Scott Thompson. Even without the circa-1979 CS degree some incorrectly thought he possessed, Lyons argues that Thompson is still perfectly capable, his critics have ulterior motives, and his competitors have all lied before. 'Forgive me for being less than shocked at the idea of a CEO lying,' writes Lyons. 'Steve Jobs [college dropout] used to lie all the time, and he's apparently the greatest CEO who ever lived. Google lied about taking money from Canadian pharmacies to run illegal drug ads, but finally had to come clean and pay $500 million in fines to settle the charges. Mark Zuckerberg [college dropout] last fall settled charges brought by the FTC that his company had made "unfair and deceptive" claims—I think that's like lying—and, what's more, had violated federal laws.' So what makes the fudging of a 30-year old accomplishment on the Yahoo CEO's resume a transgression that the 'highly ethical and honest folks in Silicon Valley' simply cannot bear? 'Facebook is a cool kid,' explains Lyons. 'So is Apple. Yahoo is the loser kid that nobody likes.'"
Lying's okay... as long as you're punished for it (Score:5, Interesting)
Paraphrasing the article:
"Google lied ... and paid $500M when they got caught" ... and settled with the FTC when they got caught" ... so just leave him alone, people!"
"Facebook lied
"Scott Thompson lied
Re:It's the hypocricy (Score:5, Interesting)
I may be an old fashioned relic but my word is my bond. It is important from a practical level I cannot do business with you if you are lying unless I mean to simply screw you over.
I have no way of negotating with you in good faith. if I want repeat busness I cannot pursue a strategy of wringing ever last drop from a deal simply achieve what I need at a profitable arrangement for both parties. If you lie to me I cannot do this.
Re:Unethical Culture, Bah (Score:4, Interesting)
The only reasonable thing was said at the end ... by all means off with his head, it's a fucking good start.
That's why the 0.1% is using the media to defend the undefendable, it sets a dangerous precedent ... being held accountable even the smallest bit must never even be on the table for them.
Re:It's the hypocricy (Score:3, Interesting)
Now if there was a background check form that had him write in his education history anew and sign a "this is true to my knowledge" statement, and he still put the degree on there, perhaps there's some basis for termination just for the explicit lie. But it's not at all clear that that exists. Personally, I think it's just as likely that e-bay doctored the bio at some point to make itself feel better about him, and yahoo simply copied that without much thought.
Some business law history. Prior to about 2001, a public company CFO would submit a report to SEC which would become the public disclosure of data regarding the company to Investors. Then Enron happened and the CEO/CFO claimed that all the misreporting/misstatements in the filings were not due to their fault, but due to their underlings. Then the govt passed Sarbanes-Oxley and made it a requirement that the CEO sign the annual reports and that the CEO and CFO will be criminally liable for wilful mis-statements. [mofo.com]
Now it so happens that Yahoo did file a report with SEC when Scott Thompson became the CEO, and that document happened to contain a resume of the CEO which included this statement that he got a CS degree. Scott Thompson also signed that document.
The hedge fund that pointed the issue out linked to the SEC filing. The hidden threat here is that if Yahoo does not act, then the disgruntled investors would go to SEC and complain and that then the CEO would be criminally prosecuted. Criminal prosecutions cannot be swept under the corporate veil unlike civil prosecutions.
It is unclear how Yahoo Board cannot act. If they act, they lose the CEO. If they don't, there will be a criminal suit later on and they will still lose the CEO.