by Mike Masnick

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

Have a Techdirt Account? Sign in now. Want one? Register here
Get Techdirt’s Daily Email
Use markdown for basic formatting. HTML is no longer supported.
  Save me a cookie
Follow Techdirt
Special Affiliate Offer

Report this ad  |  Hide Techdirt ads
Essential Reading
Techdirt Deals
Report this ad  |  Hide Techdirt ads
Techdirt Insider Chat
Report this ad  |  Hide Techdirt ads
Recent Stories
Report this ad  |  Hide Techdirt ads


Email This

This feature is only available to registered users. Register or sign in to use it.