Tweeting Bad, CEO Is No Longer On Target and Are Banks Headed for the Slammer?

When tweeting goes bad…

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

It’s bad enough cursing out your colleagues. But cursing them out on twitter takes an extra special dose of messed up. Just ask former Paypal Director of Strategy Rakesh (Rocky) Agrawal. That is, if you can find him. On Friday night the then Paypal executive released a number of expletive laden tweets presumably directed at his fellow executives. In one, he called a VP of Global Communications a useless middle manager. Much of what he tweeted was incoherent and made absolutely no sense – for which he conveniently blamed a “new keyboard.” In fact the only coherent parts of the tweets were the expletives. Agrawal says he had already resigned from the company before the tweets escaped his fingertips yet shortly after they started circulating and gaining attention @Paypal tweeted: Rakesh Agrawal is no longer with the company. Treat everyone with respect. No excuses. PayPal has zero tolerance.

Way off target…

Image courtesy of adamr/FreeDigitalPhotos.net

Image courtesy of adamr/FreeDigitalPhotos.net

The fact that Target (TGT) CEO Gregg Steinhafel’s resignation was announced today isn’t quite as shocking as the fact that he waited this long to do it. After a colossally expensive and embarrassing data breach that compromised the credit card and personal information of millions – no wait – make that tens of millions of people during the past holiday season, the now former CEO said in a statement that he holds himself personally responsible. Oh well. Maybe if he had had the good sense to try and mitigate the circumstances when the breach was first detected – before any data was even taken – instead of waiting as long as he did, then perhaps Steinhafel’s thirty-five year career at the $40 billion corporation might not have come to such a screeching halt. But he’s probably not too stressed about job hunting. The $55 million he’s rumored to be getting in severance should tide him over for a couple of years.

Don’t bank on it…

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Just when you though banks could no wrong…Actually, they do plenty of wrong. And now Attorney General Eric Holder wants everyone to know that although some financial institutions are Too Big To Fail, “There is no such thing as too big to jail” either.  Banks like Credit Suisse and BNP Paribas are staring down the wrong end of recent efforts by the US government for violating all kinds of rules. Credit Suisse was ticking off the US with their illegal tax shelters. The US has become less than fond of BNP Paribas for violating US sanctions against countries like Sudan and Iran. Some might find it shocking that a bank would want to assist countries whose gross human rights violations have come to be a part of the fiber of their existence. But to banks – big and small – money is money.  And to AG Holder, the law’s the law. And if it gets broken, he’s got some not-so-inviting cells waiting to house the offenders.

 

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