Monday, May 9, 2016

More and more stories about once-protected elite getting called to account.

The stories are growing in breadth.  Today's batch includes the firing of LendingClub's CEO, for violation of business practices, whatever the heck that means.   A wild guess would be that he stood to profit in some way by the move but this is just speculation, we don't have the true details so far.  The important thing is that these practices, which have likely been going on for some time if human nature has anything to say about it, are getting reported from within.

And then there is UAL's public hand slap of a $1 million pay cut for COO Greg Hart's ignorance of or complicity with corrupt CEO Jeff Smisek's blatant bribery of a public official by creating a regular money losing flight route for him so he could get to his vacation home faster, easier and cheaper.

Oh yeah, and let's not forget the one I missed earlier which was Priceline's CEO being made to resign over "a personal relationship" with a fellow employee.  Since when was it not OK for a king to boff everyone in his court?

Expect more and more of these revelations to be happening going forward as the herd begins to act on the growing wave of conservatism that began to reveal itself about 18-24 months ago.

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