Here's a fun quote where he admits he was clueless:
Hastings had joined Geosign at the beginning of that year as president and had no knowledge that search engine giant Google was about to pull the plug on its business model.Well, if Ted now admits he didn't know what was going on, how likely is it that the American Capital people knew? Not likely at all.
Google was cracking down on a process known as search-engine arbitrage in which website publishers were making money from advertisers, yet steering readers to sites with little content besides ads.
Besides, Hastings wanted to do everything possible to help his major new investor, American Capital Strategies Ltd., recoup some of its money. They were the first people he called. He told them they could either support him or rush to Guelph to see what was going on, but that would only create more panic, he said.
He talked them into giving him a window while he created a new business plan. Then he began focusing on the positive. He had some strong partners, including Yahoo and several online properties. But he still had to go through the gut-wrenching process of letting half of Geosign’s 240 employees go.
2 comments:
Ted Hastings is dumber than a bag of rocks.
The guy just doesn't know when to keep his trap shut.
He's trying to be a business hero, but instead he tells the world he didn't know shit about Geosign.
Well, duh Ted, that's why they hired you. You didn't have to act.
Tim's still laughing.
Hastings didn't hire 'smart people', he hired his friends, people like himself who had no background in SEM and gave them executive jobs at the company. His background is in flipping companies - he walked into Geosign thinking it would be an easy sell and it wasn't. But I think even now Karma has not yet fully caught up with the smarmy little prick. Looking forward to when it does.
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