Comments on: Nacchio http://jeffnolan.com/wp/2007/07/27/nacchio/ Jeff Nolan's take on investment, innovation, entrepreneurship and the technology industry Mon, 15 Mar 2010 20:27:53 -0600 http://wordpress.org/?v=2.8.6 hourly 1 By: A Little Birdy http://jeffnolan.com/wp/2007/07/27/nacchio/comment-page-1/#comment-148397 A Little Birdy Sat, 28 Jul 2007 12:25:20 +0000 http://jeffnolan.com/wp/2007/07/27/nacchio/#comment-148397 I was swindled out of my business, all of my life savings, in a crooked deal with a VC backed company that squandered hundreds of millions of dollars (much on crony management). I didn't encounter Nacchio, but someone just like him. Everything they told us was a lie (numbers, customers, etc, all fake). I lost five years of hard work, all of my savings (was compensated in stock that was declared worthless by insider shareholders). It cost me my family, nearly cost me my home. I almost went out to the Bridge. I believe two men will face prison for their actions (fraud, probably also embezzlement). I am not one to wish ill of others, but in their case, I will not lose a minute of sleep should they be locked up for 5 to 10 years. People who commit financial crimes destroy lives, and unlike common criminals, they are cowards. I was held up at gunpoint once, and at least the man who did this had the balls to confront me. I was swindled out of my business, all of my life savings, in a crooked deal with a VC backed company that squandered hundreds of millions of dollars (much on crony management). I didn’t encounter Nacchio, but someone just like him. Everything they told us was a lie (numbers, customers, etc, all fake).

I lost five years of hard work, all of my savings (was compensated in stock that was declared worthless by insider shareholders). It cost me my family, nearly cost me my home. I almost went out to the Bridge.

I believe two men will face prison for their actions (fraud, probably also embezzlement). I am not one to wish ill of others, but in their case, I will not lose a minute of sleep should they be locked up for 5 to 10 years.

People who commit financial crimes destroy lives, and unlike common criminals, they are cowards. I was held up at gunpoint once, and at least the man who did this had the balls to confront me.

]]> By: Steve Shu http://jeffnolan.com/wp/2007/07/27/nacchio/comment-page-1/#comment-148157 Steve Shu Fri, 27 Jul 2007 22:16:58 +0000 http://jeffnolan.com/wp/2007/07/27/nacchio/#comment-148157 I lost money too. It is hard to fathom that he was a top-10 paid CEO up with Ellison when shareholders saw things plummet like 80%+ (or whatever the number was) in market value. The kicker to me though was that he was still getting raises and comp in excess of $80M (if I recall correctly) and arguing that he deserved it at the very same time shareholders were seeing their holdings plummet (with capital "P"). Bad things can happen to company value, but taking raises, arguing that you deserve it, and committing crimes at the same time is a situation that is still hard for me to understand. I lost money too. It is hard to fathom that he was a top-10 paid CEO up with Ellison when shareholders saw things plummet like 80%+ (or whatever the number was) in market value. The kicker to me though was that he was still getting raises and comp in excess of $80M (if I recall correctly) and arguing that he deserved it at the very same time shareholders were seeing their holdings plummet (with capital “P”). Bad things can happen to company value, but taking raises, arguing that you deserve it, and committing crimes at the same time is a situation that is still hard for me to understand.

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