This story is ultimately sad. Many people were hurt. But, at the same time, it's still a dirty/fun thing to read in full.
There is a pattern here that few people seem willing to admit: cutthroat, competitive culture, sex & drug filled environments, a lunatic at the help -- these things are actually a recipe for... wait for it... success (?!). Not always, but definitely sometimes. So what does that say about the world we live in?
This part from his apology is insane:
“I want SoFi to focus on helping members, hiring the best people, and growing our company in a way consistent with our values,” Mr. Cagney wrote in a letter announcing his departure. “That can’t happen as well as it should if people are focused on me, which isn’t fair to our members, investors, or you.”
He should have said: "I don't have good values. I do whatever I want, no matter how much it hurts others. Those values became the company values. And that's why we're in the sh*tshow we're in right now. So, since I have no self-control, I gotta go."
Those are definitely signs of "success", or at least the illusion. Culture is one indicator of the health of a business, but i would say that there are better, earlier indicators of a shitty situation - particularly financial indicators. It's cute to see the board feign innocence and throw a few under the bus to keep the party going. Ultimately, bad money drives out good money and bad culture drives out good culture.
This story is ultimately sad. Many people were hurt. But, at the same time, it's still a dirty/fun thing to read in full.
There is a pattern here that few people seem willing to admit: cutthroat, competitive culture, sex & drug filled environments, a lunatic at the help -- these things are actually a recipe for... wait for it... success (?!). Not always, but definitely sometimes. So what does that say about the world we live in?
This part from his apology is insane:
He should have said: "I don't have good values. I do whatever I want, no matter how much it hurts others. Those values became the company values. And that's why we're in the sh*tshow we're in right now. So, since I have no self-control, I gotta go."
Those are definitely signs of "success", or at least the illusion. Culture is one indicator of the health of a business, but i would say that there are better, earlier indicators of a shitty situation - particularly financial indicators. It's cute to see the board feign innocence and throw a few under the bus to keep the party going. Ultimately, bad money drives out good money and bad culture drives out good culture.