Web Page Stock Hoax Done by Employee

from the stupid-employee-tricks dept

It turns out the fake Bloomberg story about PairGain was created and posted by a PairGain employee. He’s been arrested and faces 10 years in jail and fines up to a million dollars. I think this is a bit excessive, as I still believe those who fell for it were being fairly naive. It was on Angelfire! Anyway, I thought this brought up an interesting point though, in regards to today’s stock rich employees: employees of companies are so focused on their stock options and personal worth that increasingly they look for ultimate short term solutions to boost stock, often at the expense of the long term. I remember just a few years back all the discussion about how the US economy was falling behind the Japanese for just this reason. Now, I realize the economic twists have changed that, but the US has become even more short term focused. It used to be you shot for good quarterly numbers. Now people are doing things to drive up stock that day.

Add Your Comment

Your email address will not be published. Required fields are marked *

Have a Techdirt Account? Sign in now. Want one? Register here

Comment Options:

Make this the or (get credits or sign in to see balance) what's this?

What's this?

Techdirt community members with Techdirt Credits can spotlight a comment as either the "First Word" or "Last Word" on a particular comment thread. Credits can be purchased at the Techdirt Insider Shop »

Follow Techdirt

Techdirt Daily Newsletter

Techdirt Deals
Techdirt Insider Discord
The latest chatter on the Techdirt Insider Discord channel...