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.

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