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HP Board Sued Over Hurd Departure

Soulskill posted more than 4 years ago | from the following-the-hurd dept.

HP 136

Stoobalou writes "A shareholding company launched a lawsuit against Hewlett-Packard's board of directors earlier this week, claiming they bungled their fiduciary duties over the departure of CEO Mark Hurd. 'The HP board put shareholders' finances at risk by not telling them about the sexual harassment inquiry, and then later rewarded Hurd with an estimated $40 million severance package, the suit said. The board also failed to adequately police insider trading by HP executives, allowing Hurd and chief financial officer Cathie Lesjak to sell off HP stock in the midst of the inquiry, according to the suit, which was filed in California Superior Court.'" HP is also facing increased scrutiny from the unrelated bribery probe that began earlier this year when their Moscow offices were raided.

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You don't get it (5, Insightful)

Dunbal (464142) | more than 4 years ago | (#33242796)

Calm down HP shareholders. HP sucks because HP sucks. They've come a long way from the days when they made the best adding machines (and laser printers) in the world. Too bad most of it has been downhill. I just downloaded a 400MB file as, apparently, a driver for my printer. Then I found out that honestly it was 400MB of bloat and god knows what other hidden "features" that I "opted into" when I downloaded it. Good thing Microsoft had a copy of the real driver available through Windows Update.

HP sucks, and Hurd's departure has nothing to do with it.

Re:You don't get it (4, Funny)

godefroi (52421) | more than 4 years ago | (#33242880)

But how are you going to get special offers for ink and other supplies?

WON'T SOMEONE PLEASE THINK OF THE INK CARTRIDGES?

Re:You don't get it (4, Informative)

cosm (1072588) | more than 4 years ago | (#33243036)

Not necessarily. Retail PC's have some of the smallest profit margins [highbeam.com] , much of the bloat you see is there because its one of the few ways they can still get money (through the bloat providers). HP is no different that the majority of mainstream manufacturers. If you go to your local Best Buy, and pull the side of the case of a random sampling of machines, you will find that the only difference between most of them is the case. Internals tend to come from the same Chinese manufacturers owned by the same Japanese companies filled with investors from the same globalist corporations. Singling out HP in your "sucks" rant is a bit unfair, because these practices tend to be SOP for the majority of PC manufacturers.

My advice. If you have any inkling of hardware knowledge, download the PC Gamer Building Bible [warez-files.com] , get out your Phillips, and enjoy the fruits of your labor. And if your doing the "family support" thing, reformat their machine for them with a clean OS install, setup a back-up routine, and install some LogMeIn free. Your headaches will slowly go away.

A side anecdote, when I used to work at Circuit City, our managers would push us to sell an "Optimization Service" on brand new desktops and laptops, a service whose sole purpose was to remove the 3rd party bloat. I have never clicked uninstall more in my life (except for times I accidentally allowed an apple software update, sorry fanbois but dammit if they wont try to install their Bonjour, Itunes, and QuickTime on every machine on the planet to the grave.).

Re:You don't get it (1)

PitaBred (632671) | more than 4 years ago | (#33243382)

Isn't it easier to just nuke and pave? I've found it's safer, more reliable and faster to just reinstall the OS from clean media using the machine's license code.

Re:You don't get it (1)

FreonTrip (694097) | more than 4 years ago | (#33244308)

Easier, yes, but according to the agreement(s) you agree to when starting the PC for the first time that might invalidate the PC's warranty. That kind of greasy dickery is hardly beyond them.

Re:You don't get it (5, Informative)

Gr33nNight (679837) | more than 4 years ago | (#33243044)

You downloaded the wrong driver. You can download the entire printer driver suite which is 400 megs or just the plain vanilla driver which is around 5 megs. Not HP's fault you can't read.

Re:You don't get it (4, Insightful)

Bigjeff5 (1143585) | more than 4 years ago | (#33243486)

I'm very familiar with HP's printer drivers, and generally they don't make the driver itself available separately.

This is particularly true of multifunction (printer, fax, scanner) devices. I don't think I've ever seen an HP driver for a multifunction device that wasn't bundled into their 400mb piece-of-shit document management software.

It's been a while since I installed HP drivers, but the standard practice was to download the suite, unpack it somewhere, and dig until you find the inf and sys files for the printer. Then you can just install it manually.

Re:You don't get it (5, Informative)

MozeeToby (1163751) | more than 4 years ago | (#33243778)

Here [hp.com] is the driver for an entry level multifunction printer. Look under "HP Deskjet Basic Drivers"

Thinking more of business grade devices? Here [hp.com] is the driver for a business grade multifunction printer. Again, look under "HP Officejet Basic Print and Scan Driver"

I'm sorry to say it, but you are empirically wrong.

Re:You don't get it (0)

Anonymous Coward | more than 4 years ago | (#33244426)

The "basic" driver for the entry level printer is 38 MB, and for the business grade printer is 135 MB. That's one seriously big INF file.

And just because you found two printers that have "basic" downloads, doesn't mean all their printers have them.

Re:You don't get it (0)

Anonymous Coward | more than 4 years ago | (#33244734)

You're trying to prove a universally quantified statement with an example. You need to brush up on your logic.

Re:You don't get it (1)

Maxo-Texas (864189) | more than 4 years ago | (#33245382)

This is very helpful!

Can I post here the next time I am having trouble finding a driver?

I'm currently using a SAMSUNG 610N.

it's frustrating because it assumes your I.P. address will NEVER change.

Of course a few time a year there is a power outage and the addresses change so then I have to manually tweak the driver with th new IP address.

Hmmm. Perhaps i need to put the printer and the router on a UPS. Of course then I might forget the fix.

Re:You don't get it (1)

StayFrosty (1521445) | more than 4 years ago | (#33245878)

You could set a static IP on your printer. Alternatively you could set a static DHCP lease on your DHCP server so the printer always gets the same IP address. Why the hell would you would have a print queue set to an IP that changes is beyond comprehension.

Re:You don't get it (3, Informative)

Ephemeriis (315124) | more than 4 years ago | (#33243534)

You downloaded the wrong driver. You can download the entire printer driver suite which is 400 megs or just the plain vanilla driver which is around 5 megs. Not HP's fault you can't read.

It honestly depends on the printer.

Some of them don't offer a "basic" driver download... And even some of the "basic" driver downloads are inordinately large.

Re:You don't get it (1)

robi2106 (464558) | more than 4 years ago | (#33244524)

This.

Drivers are usually around 30MB now, but the print software (usually needed to take advantage of scanners, faxes) is the bloat.

And I work there making those software packages.

Re:You don't get it (1, Informative)

retchdog (1319261) | more than 4 years ago | (#33243132)

I once downloaded a ton of drivers to prepare to install my HP printer on ubuntu. I plugged the device in and braced myself for an hour+ of tedium and headache. Within half a minute, ubuntu autodetected the printer and printed a flawless test page.

HP is clearly doing something wrong with software. You can play market-will-bear tricks with ink and supplies, without screwing the driver/interface.

Re:You don't get it (0)

Anonymous Coward | more than 4 years ago | (#33245520)

True that... It took them just over five years to release a software patch such that their PhotoSmart series drivers recognizes when a printer has a duplexing receiver installed. So you'd get this annoying bogus error every time that says "Automatic double sided print module not installed", yet it'd still work if you clicked the option that forced it to continue. Honestly, they should have done some QC on that shit before they even put those printers on the market. But nooooo.

The only reason HP gets away with it, is because all the other consumer grade photo ink jet printers are just as crap-tastic in equally annoying ways. If somebody entered that market with an actual quality product through and through, a lot of companies might be forced to wake up.

Oh and HP does have some light "business use" drivers without bloat, but be prepared to forgo some of the scanner/fax features on your multifunction printer. Which seems a bit contrary to the point of having those features.

HOW much of a golden parachute? (5, Insightful)

TheGratefulNet (143330) | more than 4 years ago | (#33242846)

this is insane. totally insane amount of money. none of us here, likely, will ever see even 1/100 of that amount of money on our lifetimes.

keep giving CEO's those huge salaries even after they have done wrong and you'll keep attracting the WRONG PEOPLE to the position.

pretty simple. want honest ceo's? stop giving them a theif's booty for a paycheck. if you make the job just a bit more than what the rest of us make, maybe we'll see some honest people taking those jobs for a change.

(never met a ceo that I didn't have to count my hands after I shook his.)

boards and ceos scratch each other's back (3, Insightful)

Anonymous Coward | more than 4 years ago | (#33242982)

That's one business process they'll never outsource to India.

Re:boards and ceos scratch each other's back (1)

robi2106 (464558) | more than 4 years ago | (#33244614)

exactly. Hurd is on the board of Yahoo, and it is likely that other CEOs are board members at HP, or that HP board members are board members at other companies.

It is corporate incest.

Re:HOW much of a golden parachute? (0)

Anonymous Coward | more than 4 years ago | (#33243088)

I agree that a 40 million dollar severance package for sexual harassment is "insane". I would be willing to sexually harass some-one for HALF that amount, thus saving the shareholders 20 million dollars.

Boards of directors, shareholders, and children alike can learn a lot from my conservative leadership style.

Re:HOW much of a golden parachute? (1)

tomhudson (43916) | more than 4 years ago | (#33243222)

Better idea - sue the shareholders suing the board of directors for further damaging the company with their lawsuit. Then watch the legal system swallow it's tail and do an Ouroborus. [wikipedia.org]

Re:HOW much of a golden parachute? (0)

Anonymous Coward | more than 4 years ago | (#33245366)

Suing your shareholders would make owning the stock toxic and send its value through the floor. Actually that's an interesting approach to blackmail. Then again a suit that frivolous on its face would never make it up the steps and would be followed by an immediate board ouster, so it's more like a Blazing Saddles hostage situation...

Re:HOW much of a golden parachute? (2, Insightful)

Anonymous Coward | more than 4 years ago | (#33243230)

I think you radically underestimate how many people on here will collect $400 000 over their lifetimes, in savings etc. I'll grant that not a lot of people will get a single payout like that, but then, I bet some will when they sell a house to move somewhere cheaper.

I also expect that there are some really rich fucks that read slashdot who will see 40 million in their lifetimes. Though I can easily believe that none of them will read this particular thread.

Re:HOW much of a golden parachute? (2, Insightful)

Anonymous Psychopath (18031) | more than 4 years ago | (#33243424)

I think you radically underestimate how many people on here will collect $400 000 over their lifetimes, in savings etc. I'll grant that not a lot of people will get a single payout like that, but then, I bet some will when they sell a house to move somewhere cheaper.

I also expect that there are some really rich fucks that read slashdot who will see 40 million in their lifetimes. Though I can easily believe that none of them will read this particular thread.

Woz qualifies as a really rich fuck who reads (and comments on) Slashdot. Although I'm not sure I think he's a fuck.

Re:HOW much of a golden parachute? (1)

gangien (151940) | more than 4 years ago | (#33244740)

adam savage reads /. though i'm not sure if he has over 40 million.

Re:HOW much of a golden parachute? (1)

Sulphur (1548251) | more than 4 years ago | (#33244700)

Do you mean it will be un Hurd of.

Re:HOW much of a golden parachute? (1)

HarvardAce (771954) | more than 4 years ago | (#33243290)

none of us here, likely, will ever see even 1/100 of that amount of money on our lifetimes.

You're off by an order of magnitude...1/100 of $40 million is $400,000. Even someone making $5/hour working full time for 40 years will make $400,000.

want honest ceo's? stop giving them a theif's booty for a paycheck.

Like the CEO of Citigroup, who earned $128,751 last year (source [cnn.com] )? Or maybe you would prefer the outgoing CEO of Bank of America last year, who made $32,171 (source [cnn.com] ). Of course, the outgoing CEO of BofA also got a nice package worth tens of millions of dollars on his way out, so that's probably a bad example.

The bottom line is that neither company has done very well, and the amount of money a CEO is paid doesn't seem to be inversely related to the quality of the CEO as you seem to claim...

Re:HOW much of a golden parachute? (1)

cowscows (103644) | more than 4 years ago | (#33243672)

CEO's are paid in ways other than just a salary. Even the ones who get a big fat yearly paycheck still tend to make even more off of stock options and such. To pretend that the CEO of Bank of America was living on 32k is silly.

And while it's true that $400,000 isn't that much over the course of a lifetime, I think the grandparent's comment was true in the sense that most people will never see a lump sum of anywhere near that. They certainly shouldn't expect it as a severance package if they lose their job.

Re:HOW much of a golden parachute? (4, Insightful)

Da_Biz (267075) | more than 4 years ago | (#33243882)

Many CEOs of Fortune 100 or 500 companies are compensated heavily in stock options. Proponents of this theorize that this ties company performance more closely to CEO compensation.

I theorize that, structured wrong, this causes CEOs to engage in focusing on near-term benefit rather than long-term stability and sustainability.

Re:HOW much of a golden parachute? (2, Interesting)

yttrstein (891553) | more than 4 years ago | (#33244792)

What it causes, directly, is insider trading. Proponents of heavy stock option compensation as opposed to heavy cash compensation are criminals, and should be treated as such.

Re:HOW much of a golden parachute? (2, Insightful)

HarvardAce (771954) | more than 4 years ago | (#33244156)

CEO's are paid in ways other than just a salary.

The links I provided include in their figures these "other ways" that CEO's are compensated. While you could argue about the dollar amount of these forms of compensation, the companies that compile these sorts of data are fairly accurate in the present-day value of these alternative forms of compensation. Obviously, while his awards and salary may only have been $32k this year, I'm sure he is continuing to make money on compensation from prior years, whether it is through vesting or market appreciation of his options/grants/etc. Heck, even if he put $10 million of his compensation from last year into a savings account that paid 1% he'd still be making $100,000 a year off of it.

Re:HOW much of a golden parachute? (3, Informative)

Bigjeff5 (1143585) | more than 4 years ago | (#33243526)

You do realize Hurd saved HP billions of dollars, right? He turned that company around.

Frankly, $40mil is not a bad deal for what they got.

The only real downside is he acted like a dumbass and they had to fire him to save face. They still need his help over there.

Re:HOW much of a golden parachute? (2, Funny)

Critical Facilities (850111) | more than 4 years ago | (#33244732)

He turned that company around.

I hate to defend the guy, but you have to admit that he knows how to make money [google.com] . True, he did it by bludgeoning the staff, but from a strictly Wall Street point of view, he was definitely worth the salary.

Re:HOW much of a golden parachute? (0)

MerlynEmrys67 (583469) | more than 4 years ago | (#33243608)

40 Million payout. 1/100th of that payout is 400K.

Frankly, I have about 1/2 of that in accounts now at 40. I plan on having about 1/20th of that by the time I retire in 25 years. That said - the guy was fired for cause - why are you paying him off with a golden parachute. If I wrote a fraudulent expense report for a few hundred dollars, I expect I would be fired and the police knocking on my door asking some questions about my behavior.

Re:HOW much of a golden parachute? (1)

Hijacked Public (999535) | more than 4 years ago | (#33243888)

Frankly, I have about 1/2 of that in accounts now at 40. I plan on having about 1/20th of that by the time I retire

I don't know whether to channel math nazi or grammar nazi.

Re:HOW much of a golden parachute? (1)

zero_out (1705074) | more than 4 years ago | (#33243678)

The average lifetime earnings [census.gov] of someone with just a HS diploma is about $1.2M. 1/100th of $40M is $400K.

Remember, Steve Jobs never even attained a Bachelor degree, and how much does he make? Bill Gates [wikipedia.org] ? I don't know that either of them participate here on /., but Steve Wozniak does (or at least did within the last two years), and he didn't earn his Bachelor degree until 10 years [wikipedia.org] after founding Apple.

This may be a bit off topic, but you really need to be careful about using absolute, blanket terms, especially when you're trying to argue a point. In general, I agree that CEOs are making a LOT more money than they should. When someone I know very well was laid off from HP a year ago, their severance package didn't come anywhere close to $40M, and that person is absolutely disgusted by this.

Re:HOW much of a golden parachute? (5, Insightful)

smellsofbikes (890263) | more than 4 years ago | (#33243744)

(never met a ceo that I didn't have to count my hands after I shook his.)

I have. His name was Dave Packard. Back when HP was a real company they used to have company picnics and sometimes he'd come out to the Colorado picnic and help cook hot dogs. He didn't NEED to cook hot dogs, but it gave him a chance to talk to everyone, including the people whose jobs consisted of winding transformers or running the sheet metal stamps... back when HP actually MADE stuff.

Of course, he was proud of the fact that as CEO he made less than five times the starting salary of an engineer, because he felt it was his duty to the company that employed him to put money back into the company rather than into his pocket.

Re:HOW much of a golden parachute? (5, Insightful)

Rary (566291) | more than 4 years ago | (#33244556)

People like Dave Packard are different from most CEOs. The main difference is that he built the company.

CEOs who actually built the company are more likely to care about the long term health of the company and its employees. Career CEOs, on the other hand, care about the short term illusion of health, or, more accurately, the money they can pocket based on that illusion before pulling the ripcord on their golden parachute and moving on.

Re:HOW much of a golden parachute? (1)

eulernet (1132389) | more than 4 years ago | (#33244588)

His name was Dave Packard.

Dave Packard ?

Sorry, I have no idea who this Packard is...

Re:HOW much of a golden parachute? (2, Informative)

stephanruby (542433) | more than 4 years ago | (#33245902)

Of course, he was proud of the fact that as CEO he made less than five times the starting salary of an engineer, because he felt it was his duty to the company that employed him to put money back into the company rather than into his pocket.

Not to disagree with the rest of your post, but there is a reason very large shareholders (like founders, or family members of founders) pay themselves up to as little as $1 in salary. It's called tax-avoidance.

If you take Ross Perot for instance, I recall he was paying himself almost nothing in salary, but that's because he would have paid a much higher tax bill otherwise. Overall, I think the book "Millionaire Next Door" said that Ross Perot succeeded in paying only 6% of taxes from the money he was making himself each year. And I'm not just speaking of capital gains/dividend taxes, if I remember correctly Ross Perot was able to funnel a lot of his money out of EDS untaxed through: trust funds, selling equity, tax-deferred municipal bonds, and various other means.

Re:HOW much of a golden parachute? (2, Insightful)

Da_Biz (267075) | more than 4 years ago | (#33243832)

I think both Warren Buffett and Peter Drucker (ostensibly, two luminaries in the business world) have both railed against excessive executive compensation.

Warren Buffett was even booted off of several executive comp committees a few years ago for having this nebulous value.

Re:HOW much of a golden parachute? (1)

sjames (1099) | more than 4 years ago | (#33243842)

For 35 million dollars, I'll be willing to not cook the books, falsify expenses, or screw any contractors or interns. I'll even be willing to lose a few rounds of golf so their clients can somehow feel good about themselves. Hell, if they act now, I'll do it for 29 million.

Re:HOW much of a golden parachute? (0)

Anonymous Coward | more than 4 years ago | (#33244296)

For 35 million dollars, I'll be willing to not cook the books, falsify expenses, or screw any contractors or interns.

And I'd be willing to screw the contractors *and* interns for FREE (as in beer)!

Re:HOW much of a golden parachute? (1)

sjames (1099) | more than 4 years ago | (#33245488)

You better either get the beer up front or at least have a look at the interns first.

Re:HOW much of a golden parachute? (1)

ColdWetDog (752185) | more than 4 years ago | (#33244840)

I'll race you to the bottom - 20 million.

Re:HOW much of a golden parachute? (1)

jewishbaconzombies (1861376) | more than 4 years ago | (#33245070)

That's why you won't pull in those numbers. Nice guys finish last - and don't make good CEOs. Look around. Every CEO regards themselves as leading a war of some kind and are basically sociopaths.

Re:HOW much of a golden parachute? (1)

robi2106 (464558) | more than 4 years ago | (#33244584)

The problem isn't that the money was given after the termination, but that it was agreed upon PRIOR to hiring Hurd and that the contract didn't stipulate a zero bonus clause if the termination was due to misconduct. Even then, boards can do stupid things like allow a "consensus" resignation which technically skirts the definition of a "termination" allowing the CEO to make off with the contractually guaranteed severance bonus despite the malfeasance.

Re:HOW much of a golden parachute? (1)

MBGMorden (803437) | more than 4 years ago | (#33244656)

this is insane. totally insane amount of money. none of us here, likely, will ever see even 1/100 of that amount of money on our lifetimes.

1/100th of $40 million is only $400,000. Assuming you work for 30 years (most of us will work more) you'd have to make less than $14k per year to make less than that - WELL below the poverty line.

Just being pedantic for the sake of doing so ;).

Re:HOW much of a golden parachute? (1)

Ironhandx (1762146) | more than 4 years ago | (#33244878)

14k is well below the poverty line? Someone should have told that to me when I was making 10k/year...

Re:HOW much of a golden parachute? (1)

MBGMorden (803437) | more than 4 years ago | (#33244942)

The poverty line is a defined number.

It was possibly a little off for the $14k value if you're single. In 2009 the poverty line in the US was defined at $11,161 per year for a single person. For a family of 4 it is $21,756 per year. If you were at $10k per year though, unless it was quite a while back, then you were indeed under the poverty line (assuming you're from the US - the figure varies by location).

Re:HOW much of a golden parachute? (1)

Ironhandx (1762146) | more than 4 years ago | (#33245168)

I'm from Canada, the poverty line is actually something to the tune of 15-30% higher here most of the time I believe.

Sadly it wasn't THAT long ago, on the other hand I don't miss it, but I wouldn't have considered myself poor at the time either... maybe I'm just better with my money than most.

this is backdoor regulation (1)

alen (225700) | more than 4 years ago | (#33242892)

the government can't tell public companies how to pay their employees and officers. but governments are huge share holders in public companies via their pension funds and are now using them to sue or force regulation that they can't via the legislature.

Re:this is backdoor regulation (1)

godefroi (52421) | more than 4 years ago | (#33242992)

What regulation are they looking to impose? It's not clear at all to me...

Re:this is backdoor regulation (1)

alen (225700) | more than 4 years ago | (#33243130)

paying employees bonuses or severance packages in this case

Re:this is backdoor regulation (1)

godefroi (52421) | more than 4 years ago | (#33243578)

Seems implausible. If you were a major shareholder, and you wanted to effect chance, you would, y'know, vote.

Re:this is backdoor regulation (2, Interesting)

Third Position (1725934) | more than 4 years ago | (#33243052)

Yes, but being a major shareholder is a legitimate position from which to have a say in how a company conducts itself. Maybe the problem is that governments should be prohibited from owning interests in public and private corporations.

Re:this is backdoor regulation (2, Interesting)

localman57 (1340533) | more than 4 years ago | (#33243282)

Interesting thought. What, then, should the government do with various savings accounts such as pensions? (Think in terms of smaller municipal or state retirement management agencies, not Federal, so we don't end up in an argument about the federal reserve, or national debt). In order to earn a return, the money must be "doing" something. Should we literally stack up $100 bills and store them in a warehouse? Or as an alternative, perhaps treasury bonds would be the other non-corporate option?

Re:this is backdoor regulation (0)

Anonymous Coward | more than 4 years ago | (#33243658)

Interesting thought. What, then, should the government do with various savings accounts such as pensions?

Convert the pensions to 401k.

Re:this is backdoor regulation (0)

Anonymous Coward | more than 4 years ago | (#33245672)

Interesting thought. What, then, should the government do with various savings accounts such as pensions?

Convert the pensions to 401k.

Having a 401k as your only retirement savings sucks because you end up taking on all of the market risk. If the market tanks just before you're planning to retire, then you can't retire.

Re:this is backdoor regulation (1)

locallyunscene (1000523) | more than 4 years ago | (#33243980)

So gov't money should be forced to be illiquid? Sounds like a recipe for economic disaster.

Also your "Third Position" mission Statement:

The American Third Position exists to represent the political interests of White Americans, because no one else will.

I guess this is the logical conclusion for the minarchist and bigoted parts of the Tea Party.

Re:this is backdoor regulation (1)

robi2106 (464558) | more than 4 years ago | (#33244694)

I knew some doofus would bring out that line. lol. and it isn't even Tuesday!

Re:this is backdoor regulation (1)

locallyunscene (1000523) | more than 4 years ago | (#33245410)

What are you talking about?

Re:this is backdoor regulation (1)

robi2106 (464558) | more than 4 years ago | (#33245456)

references to Tea party bigots, though in retrospect it appears as though you aren't tossing all Tea Party peeps in the same bucket. My apologies for the knee jerk. I'll have a doc check that out. heh.

Re:this is backdoor regulation (1)

locallyunscene (1000523) | more than 4 years ago | (#33245896)

Ah, no problem. The Tea Party gets a lot of flak, but I do want to like it. I think the fact that it is so populist is both its strength and weakness in that it sucks in all of the populist undercurrents.

Personally I would love to see the bigots move to the "Third Position" and have the Tea Party or Libertarian Party proper replace the Republican Party. That might force the Democratic Party to actually be Social Liberal and follow New Keynesian policy instead of the bastardized economic policy both parties compromise on.

Re:this is backdoor regulation (1)

HarvardAce (771954) | more than 4 years ago | (#33244306)

Maybe the problem is that governments should be prohibited from owning interests in public and private corporations.

Whether or not that is true, I think classifying a pension that covers people who happen to be government workers as "government" is a bit of a stretch. Pensions should have a fiduciary responsibility to the people who hold the pension, so any activity such as the lawsuit in the story should be driven by that responsibility, and should not be abused as a way for the government to interfere in private corporations. I haven't gone deep into the details of this particular case, but it seems like a legitimate gripe that has some similarities with the government initiatives by coincidence rather than indicating some subversive attempt by the government to control private interests.

You say fiduciary, I say felatio, (1)

Bocaj (84920) | more than 4 years ago | (#33242924)

let's just call the whole thing off. Seriously? I'm guessing they couldn't care less if CEOs where raping interns as long as they get a heads up early enough to dump the stock.

Re:You say fiduciary, I say felatio, (1)

localman57 (1340533) | more than 4 years ago | (#33243310)

They do care. Because, generally speaking, you want your stock to go up, rather than having an opporunity to dump it just before it falls. Yeah, yeah, yeah, short-selling and all that, but in that case you're talking about speculators, not the BOD.

Re:You say fiduciary, I say felatio, (1)

jd (1658) | more than 4 years ago | (#33244054)

It depends on the company. Some companies are designed to self-destruct. The stock sky-rockets in value because that's what happens with high-risk companies, the directors bail before the shit hits the fan, the money then acquired is used to start up the next such company. Yes, there are companies that are designed specifically for this purpose. More often, it's a shell company that is not specifically designed to fail but does take on all of the really high-risk activities on behalf of the parent company. As such, it is bound to fail eventually. However, because it is high-risk, speculators buy the stock because it'll have the highest yield. I believe the name given to such companies are "the dogs". Again, if the BOD dump their stock the moment they suspect everything is about to implode, they can make a very tidy profit.

The whole Enron fiasco was one of those two - hard to say which. What gets me most about the fallout from that is that such practices were commonplace long before Enron and still are commonplace. If you've a 409K plan report handy, look it over. High yield is always high risk, low yield is always low risk. When a company takes a dangerous gamble, it will either result in gigantic profits or a gigantic mess. Now, it's logical for all companies to take some leaps of faith, but when you see very specific companies only taking such gambles and other companies never doing so, you can see that things aren't quite.... what you'd expect.

Re:You say fiduciary, I say felatio, (1)

robi2106 (464558) | more than 4 years ago | (#33244708)

exactly. higher stock price generally affects long term positions and longer term options, so short dumps are that great of a benefit to persons paid in options.

Am I the only one... (1)

easterberry (1826250) | more than 4 years ago | (#33242934)

Am I the only one who read that as "herp derpature"? Because really, that's an equally valid headline.

Not a problem!! (4, Funny)

SEE (7681) | more than 4 years ago | (#33242980)

Just replace Hurd with Linux!!

Re:Not a problem!! (2, Funny)

LaminatorX (410794) | more than 4 years ago | (#33243046)

Just as soon as it's finished.

Re:Not a problem!! (0)

Anonymous Coward | more than 4 years ago | (#33243166)

Just replace Hurd with Linux!!

So instead of Hurd fucking around with interns, you'll have interns fucking around with Linux?

(Posting anonymously because it seemed funnier when I though it up.)

Re:Not a problem!! (2, Funny)

MonsterTrimble (1205334) | more than 4 years ago | (#33243442)

It's pretty sad when i read the title and went "But Hurd isn't even out yet!"

Re:Not a problem!! (0)

Anonymous Coward | more than 4 years ago | (#33245414)

It's pretty sad when i read the title and went "But Hurd isn't even out yet!"

Is the "sad" part that you misunderstood the title, or that you used the word "yet" in that sentence?

Come on people, get it right! (2, Funny)

Anonymous Coward | more than 4 years ago | (#33243034)

For the last time, it's not HP/Hurd.

It's GNU/HP/Hurd.

The Hurd Mentality (2, Funny)

aapold (753705) | more than 4 years ago | (#33243054)

They voted unanimously? That's the way I hurd it went down.

Oompa mow mow (0)

Anonymous Coward | more than 4 years ago | (#33243180)

Hurd hurd hurd
Hurd is the word
Don't you know about the Hurd?
Everybody knows that the Hurd is the word

HE WAS NOT FIRED FOR SEXUAL HARASSMENT! (-1, Redundant)

Anonymous Coward | more than 4 years ago | (#33243060)

He was fired for STEALING MONEY from the company...

Thats what it comes down to...

The sexual harassment is just what led them to find out he was stealing. And is also bad but may or may not have actually happened.

So they fired his ass. Dur? Don't you normally fire people who steal from you?

Re:HE WAS NOT FIRED FOR SEXUAL HARASSMENT! (4, Insightful)

localman57 (1340533) | more than 4 years ago | (#33243358)

Yeah. And Bob got fired for using the company email for personal use. This isn't the criminal system where crimes have specific elements that must be met, leading to a specific range of senteces. If a corporation wants to fire you, they fire you, then go looking for a way to justify it.

Re:HE WAS NOT FIRED FOR SEXUAL HARASSMENT! (0)

Anonymous Coward | more than 4 years ago | (#33244070)

No, he was fired for internal politics because other higher-ups wanted him to go. The fraudulent expense reports were just the justification for a decision made separately.

The money in question amounted to $20k, which he offered to pay back. The severance amounted to $40m. Unless you want someone gone for other reasons, you don't worry about $20k when it comes to someone you pay $40m to leave.

Don't you normally fire people who steal from you?

Yes...but do you normally give them 2,000 times the amount they stole in severance?

Insider trading? And a lack of ethics? (1)

Even on Slashdot FOE (1870208) | more than 4 years ago | (#33243168)

In our stock market? Gasp!

GNU/Hurd???? (3, Funny)

OzPeter (195038) | more than 4 years ago | (#33243274)

I almost choked when I red the headline .. "Someone was actualy using Hurd???"

Re:GNU/Hurd???? (2, Funny)

lennier1 (264730) | more than 4 years ago | (#33243394)

Glad I'm not the only one who was immediately reminded of the "Duke Nukem Forever" of the Linux world.

Re:GNU/Hurd???? (0)

Anonymous Coward | more than 4 years ago | (#33244384)

the "Duke Nukem Forever" of the Linux world.

You mean "the GNU world" or at least "the Free Software world".

Re:GNU/Hurd???? (1)

jd (1658) | more than 4 years ago | (#33243554)

It was the only OS they could get to work with the very strange hardware in the director-droid brains.

You would that that it is a good thing... (0)

Anonymous Coward | more than 4 years ago | (#33243344)

...I mean who wouldn't want the Turd to depart?

Status (0)

Anonymous Coward | more than 4 years ago | (#33243428)

So, in light of all this, are they 'beleaguered' yet?

Hey! (1)

Jethro (14165) | more than 4 years ago | (#33243560)

That's GNU/Hurd!

Oh wait.

lolol (0)

Anonymous Coward | more than 4 years ago | (#33243642)

I just always assumed that HP was short for Herrrrp derrrP. Seems i'm not that far off.

1/10th of a gallon per person (0)

Anonymous Coward | more than 4 years ago | (#33243732)

The 1 billion gallons figure, distributed across 40 years and the population, works out to about 1/10th of a gallon per person per year.

harrumph

Re:1/10th of a gallon per person (1)

localman57 (1340533) | more than 4 years ago | (#33243976)

The 1 billion gallons figure, distributed across 40 years and the population, works out to about 1/10th of a gallon per person per year.

harrumph

Wrong thread, dude...

Hurd's Next Move (1)

MrTripps (1306469) | more than 4 years ago | (#33243836)

If we have learned anything from former HP CEO's that leave in disgrace is that they have a rosy future ahead in California politics.

Not the real story... (1)

787style (816008) | more than 4 years ago | (#33243952)

What people keep glossing over is the fact this man resigned for improper filing of expense reports. What CEO do you REALLY think files their own expense report? No director level or VP level executive does, they have admins who perform this task for them. Hurd couldn't fill out an expense report on a bet. He was forced out.

This is just an elaborate plot! (1)

OrangeTide (124937) | more than 4 years ago | (#33244116)

This is a plot by Richard Stallman to get GNU Hurd [wikipedia.org] back in the news again.

And in a related story... (0)

Anonymous Coward | more than 4 years ago | (#33244150)

Gnu.org was sued for a missing Hurd.

Slashdot needs a "business" section... (1)

John Hasler (414242) | more than 4 years ago | (#33244784)

...for articles like this.

Suit will be thrown out quickly (1)

rssrss (686344) | more than 4 years ago | (#33245076)

The Michael Eisner -- Disney Company -- Michael Ovitz saga Here [wikipedia.org] , was more egregious than this. The court held that the directors were within their rights to let Ovitz yank the rip-cord on his golden parachute. I don't see why this case would be different.

I guess i'm behind the times. (1)

kiljoy001 (809756) | more than 4 years ago | (#33245232)

I honestly thought they were talking about gnu/hurd and wondered why they were suing HP of all people.

Extremely confused board of directors (1)

Y-Crate (540566) | more than 4 years ago | (#33245766)

"But we thought people wanted Hurd to be finished?"

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