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why isn't the founder of UPS in prison? I don't think it was legal to go and literally spend their money at the casino That was FedEx’s founder, Fred Smith. It
by curiousObject 1y ago
why isn't the founder of UPS in prison? I don't think it was legal to go and literally spend their money at the casino
That was FedEx’s founder, Fred Smith. It wasn’t UPS
He only had $5,000 of funds remaining, which he gambled playing blackjack, so the potential loss to investors was small. He’d already lost almost all their investments through operating FeDex
- FireBeyond 1y agoThe investors? At that point he had been stiffing his pilots on wages for weeks or months, and with many also paying fuel bills on their personal credit cards/checks, since many fuelers had canceled FedEx's accounts. Yeah, $5K isn't a whole lot, but if I'm a pilot struggling to put food on my family's table, and the CEO takes company money to Vegas, I'm not thinking "Oh, but the investors" or "Sure, it's not that much money anyway". I don't see why people (not saying you, in particular) see this as some heroic founder "risking it all". He wasn't. He was risking the company's "all", after asking the employees to suck up his mismanagement.
- curiousObject 1y agosome heroic founder "risking it all". He wasn't. He was risking the company's "all", after asking the employees to suck up his mismanagement. I agree. He was asking employees not to cash their paychecks sometimes. $5000 is inconsequential compared to that forced investment from employees and business partners
- red_rech 1y ago[dead]