A Quote by James Comey
As so often happened during the dot-com bubble days, the revenues that AOL and PurchasePro were counting on did not materialize. And instead of confronting that harsh reality, AOL and PurchasePro cooked up a scheme to inflate PurchasePro's revenues.
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AOL had a very strong motive to create the appearance of high revenues for PurchasePro because the value of the warrants AOL had received in the deal depended on PurchasePro's performance.
I remember when AOL was small and they were growing like mad. Consumers were coming on in droves because they made it easy to connect to the Internet. That was the single biggest innovation of AOL; when grandmas were signing up, AOL had arrived.
One of AOL's biggest assets is its brand. For people over 30 and, due to AOL Instant Messenger, even a lot of people under 30, AOL was their first real interaction with technology in a positive way.
To be candid, I think, in retrospect, it was a mistake to work at AOL when I did. I think I had rose-colored glasses about the opportunity to reinvent AOL.
It's easy to make fun of AOL's pending purchase of HuffPo. Just like AOL's purchase of TimeWarner, here we have a new media company - Huffington Post - fooling an old media company, AOL, into overpaying for something that has already peaked.
A big part of fixing AOL is getting AOL to believe in itself.
AOL, I think, represented an opportunity for a few things. One is I'm a big believer in the AOL brand, and I think AOL as a brand has touched hundreds of millions of people around the world. Reigniting that brand is a very exciting challenge and a big opportunity.
I continue to have a special pride and passion for AOL, and I strongly believe that AOL - once the leading Internet company in the world - can return to its past greatness
I continue to have a special pride and passion for AOL, and I strongly believe that AOL - once the leading Internet company in the world - can return to its past greatness.
Remember when those CD-ROMs from AOL came in the mail almost every day? The company was considered ubiquitous, invincible. Former AOL CEO Steve Case was no less a genius than Mark Zuckerberg.
Until the company believes in itself, AOL didn't have its own space and identity in the marketplace. The opportunity is to get out from under the negative history and figure out the value AOL offers for consumers and for publishers and advertisers.
Arthur Laffer's idea, that lowering taxes could increase revenues, was logically correct. If tax rates are high enough, then people will go to such lengths to avoid them that cutting taxes can increase revenues. What he was wrong about was in thinking that income tax rates were already so high in the 1970s that cutting them would raise revenues.
I am a Democrat; I want to fund programs that help people. In order to do that, you need to have revenues and you have revenues when you have jobs.
If you subscribe to any online service, whether it be AOL, Google, Yahoo, or the Huffington Post, have you noticed that you are forced to watch a seemingly endless ad before the video story appears about a news item that caught your eye? AOL and the Huffington Post are especially annoying.
Our independence from AOL was so important to me that I negotiated an extremely odd provision in our purchase agreement that allowed me to disclose confidential information about AOL. It was their job never to give me that information. It was not my job to protect it in any way.
I am not a big fan of investors asking for revenues upfront. Investors seeking numbers are being too myopic. However, I personally believe in creating a product with clarity in mind on how one thinks revenues can trickle in.
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