« Brad Silverberg on the ABCs of a venture business. | Main | DWT BioEngineering gig this thursday »
March 7, 2005
The headline you DON'T want over your picture
Dot-Con Job is the headline over Naveen Jain's picture on the cover of the Sunday Seattle times. Generally I find local media quite unfriendly to business. They tend to focus on the negative to sell papers. Unfortunately in this case I must agree. Due to a two year intensive campaign by the Seattle Times, they have gotten access to documents previously sealed by a court. This is good journalism. For better or worse, now it is clear that Seattle has its own Enron. Martha has nothing on Naveen. The documents show a pattern of deception and mis-representation of information to analysts and investors (Martha only traded on inside information on ANOTHER stock, not her own). Read the articles. You will find a case study on being caught up in the moment with personal greed gone wild (by everyone involved, investors, investment bankers, the company, accountants, etc.). Infospace was a product of the times. Investors wanted to believe the impossible was possible and Naveen sold the dream very well. Selling the dream is not criminal. Lying about progress toward the dream is. Covering up missteps along the path is. Creating a pyramid scheme is. Unfortunately from this series it seems that Naveen and some of the others crossed the line.
I don't expect this to be the end, I expect it to be the beginning of a new chapter. The Seattle Times would like nothing more than to have an Enron to report on locally. They will create one if they have to.
Posted by Martin at March 7, 2005 10:44 AM
Trackback Pings
TrackBack URL for this entry:
http://www.nwventurevoice.com/cgi-bin/mt-tb.cgi/1796
Listed below are links to weblogs that reference The headline you DON'T want over your picture:
» acai berry review from acai berry review
senior energy employer via limit strongly general little start. krigopizp not county long rather sister judge ordinary question? [Read More]
Tracked on March 17, 2009 8:11 AM
» Hair Salons St. Louis from Hair Salon St. Louis
Excellent thread, I saw this really good thread today and I wanted to link to it. Thanks again for taking the time to post. [Read More]
Tracked on November 21, 2011 8:30 PM
Comments
Post a comment
Thanks for signing in, . Now you can comment. (sign out)
(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)