“ All Coinbase personnel will be given proper notice and terminated. But make no mistake. Though they're the ones leaving, it is I who must remain and bear the heavy burden of their failure.”
..."and as a result I have decided to step down and hand the company over to someone more capable of navigating today's challenges"
/s
I think we'd all like to imagine a world where company's are run like sea faring ships- the captain gets paid the most to be accountable for the whole operation, and when things go wrong must be the last one off the ship. To the point where any selfish behavior by the captain in an emergency can be criminal. (This is just an analogy, not saying the CEO should actually risk life and limb.)
But in reality they are run a lot more like Project Runway. The contestants pour their blood, sweat, and tears into their garments and over the course of the season, and eventually the best of them receives a spread in Vogue and something like a $500,000 contract and some other goodies. The real winner though is always Heidi, who collects her $20M fee regardless of who gets the show's nominal prizes and is awarded an Emmy for executive producing.
Why CEO should step down while cutting staff? Staff got their money they agreed on.
The ones to handle the burden are the ones who had skin in the game (aka stockholders). And stockholders can definitely decide for anyone to step down. The workers are actually in the best, safest, position here.
The emergencies you're talking about in seafaring are situations where people might die. Conventions and rules appropriate for that kind of situation are very different than for lower stakes situations, and I don't think the analogy is very illuminating.
Right. In a situation where people may die, the leader must risk his own life to protect the lives of those under him. In a situation where people may lose their livelihoods, the leader should risk his own livelihood to protect the livelihoods of those under him. How is this analogy inappropriate?
* People understandably put a very high value on their life continuing, and really don't want to trade it against other things.
* People vary a lot in how much value they put on their job continuing, and how much they are willing to trade off against it.
For example, many people would consider taking a 2x raise even if it increased their chances of losing their job in the next 3y from 5% to 50%, but you're not going to find many takers for a 50% chance of death in the next 3y no matter what you're offering.
You can have a culture where jobs are treated as sacrosanct as lives, who are nearly so. In a culture like that companies would be extremely cautious about hiring in a way that would make workers overall worse off, and startups with be much less practical. Europe is farther in this direction than the US, though not all the way to what I think you are proposing with your analogy.
No one is saying that jobs should be "treated as sacrosanct as lives". The argument put forward by waylandsmithers is about responsibility and accountability. If we make sea captains legally accountable for the lives they are charged with, why don't we make CEOs accountable for the livelihoods they are responsible for (i.e. that they make decisions about)?
The amounts of money involved can absolutely spell life and death for people not lucky enough to have been born into the top 1%.
"White collar crime" generally has vastly broader effects than what we normally think of when we talk about crime; it's just harder to see because the effects are not as immediate or obvious. Livelihoods destroyed by layoffs to juice the stock price; land, water, and air poisoned by pollutants released because paying the fine is cheaper than actually cleaning them up; people dying because they can no longer afford the insulin they need to live after the price was raised absurd amounts purely to increase profits...
Just because the CEOs aren't physically on a ship where everyone's lives depend on making good decisions in times of crisis doesn't mean they aren't responsible for incalculable pain, suffering, misery, and death.
I'm saying any large layoff has a decent chance of making some people homeless—either because they weren't making enough before to save money, or because they were riding an unrealistic expectation of growth (that the company and entire industry are often actively selling you) and bet too much on it (the latter being what I'd guess more likely in this case, based on my assumptions about the kind of money Coinbase would've been paying). And once you're homeless, you're at much higher risk for all kinds of problems, including dying in a variety of unpleasant ways.
Excuse me, Smithers. Heidi been making that Santazon money for several seasons now. Nina don't pull down Heidi cash and lord knows Making the Cut ain't win no emmys.
You know, I've never actually watched Silicon Valley, but I still recognized the quote because I've caught clips here and there on YouTube. I suppose now would be the time to binge-watch it.
