The Securities and Exchange Commission is considering a civil action against Netflix after CEO Reed Hastings posted on Facebook in June that the company’s customers would soon view 1 billion hours of content a month. Mr. Hastings posted his thoughts on the SEC investigation on Facebook. [Facebook]
Because you’re dying to make “eggnog cinnamon Read More
Earlier this afternoon, Gilt Groupe named a new CEO to replace founder (and current CEO) Kevin Ryan. Michelle Peluso, formerly the president and CEO of Travelocity, will take the top slot at the flash deals site beginning in February. Ms. Peluso, who currently serves as the chief marketing and Internet officer at Citigroup, is also the only outside member of Gilt Groupe’s board who isn’t an investor. She joined the board in October 2009.
“There aren’t that many people that you would trust to become CEO of a company that you’ve spent five years building and that has a thousand people,” Mr. Ryan told Betabeat by phone. “She’s always been my first choice. But in the process, midway through, you can’t say ‘Oh my God, I really want Michelle,’ because she hasn’t said yes yet; we haven’t made an offer yet.”
Facebook Fiasco Claims Another Scalp Remember that time Bob Woodward and Carl Bernstein kept the name of their Watergate informant a secret for decades, thereby providing generations of teenagers an excuse to say “deep throat” in high school classrooms? Good thing no one had email at the time!
According to Business Insider, Citigroup tech analyst Mark Mahaney was recently given the boot. Turns out that one of Mr. Mahaney’s underlings was getting a little too comfy with the press. Looking into the Facebook IPO, Massachusetts investigators stumbled across an email from a junior analyst to two TechCrunch reporters that read, in part, “I am ramping up coverage on FB and thought you guys might like to see how the street is thinking about it (and our estimates).”
IT Support of the Universe
Wall Street gets a lot of flak in the tech world for being boring, corporate and not world-changing enough. But the truth is that for many, cushy salaries are enough to overcome the drudgery and debasement that comes with a job as Goldman Sachs code monkey.
There seems to be an uptick in cybercrime lately, no? Some 200,000 Citibank customers had their accounts hacked at the beginning of May and are just finding out about it now, Reuters reports. Sony similarly dragged its feet when hackers gained access to an astonishing 77 million accounts in April and the company waited more than a week to tell customers their data had been compromised. The hackers got access to names, emails, account numbers and passwords, customers were notified this weekend, and Citibank has replaced cards for compromised accounts.
“Citigroup joins Google and Sony in victims club,” says the headline in the International Business Times. We have a Citibank card. Can we be in the victim’s club too?
Tech Bubble Watch
Some of the nation’s biggest banks and venture investors have partnered with New York City Investment Fund to create the FinTech Innovation Lab.
The program is a annual twelve-week incubator to find and foster promising startups working on financial technologies.
Participating banks include all the big boys — Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley Read More