This was a mistake, but it is only outrageous in the context of the company's past misbehavior. It does make it clear just how difficult it will be to move past their present issues, though.
They mistakenly treated the corporation as a person, which noone should do. The corporation is accurately modeled as a sociopath. They misassumed the corporation would have the same honorable intent they did. They've hopefully learned their lesson.
It's not a mistake - it shows the sheer lack of safeguards at a terrible company with a narcissistic child-leader and his cohort of children at the helm!
Hope he rots in prison and is made an example of.
Indeed, and it's a fine line between "the cost of doing business" and ruining a large company over the decisions by a few people. Would probably have been better to go after the people at the top than fining the company..
So they knew they had to apologize for what they were about to do and did it anyway? Not sure what to think other than to avoid such companies altogether.
Isn't it obvious? They don't have right culture within their organization. Had they been like Amazon, Twitter and others, they would have accepted what happened.
Worst thing was that they had a collection of pre-made FAQs that proudly confirmed all the worst ways to understand the changes and actually left no real path for "misunderstood what we meant".
This whole stunt was a painful communications nightmare but also the rude asymmetric breaking of trust that most people saw in it.
So, this final step was needed for cleaning up that mess (and it still might need some detail work, if one looks at that apology interview), no matter how deeply strategic one wants to look at firing a CEO.
Really surprised at lack duedeligenoe on the part of acquirers, JPM team!!!
My immediate reaction to when JPM found out they'd be duped after running an 'email campaign' was, hmmm, maybe well deserved, should have done your homework!
I want to put the blame solely on the executives, lawyers and team that drove the acquisition forward.
Obviously we can open the floodgates of conspiracy theories. Maybe, some from JPM team may have been on this...
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