quote
As more great new companies are absorbed into big old companies, a whole new generation of change is lost. They can issue press releases saying how excited they are to be able to bring their product to a whole new world of customers, and how their new suitor will bring enormous resources to bear, but we know that’s usually not really what happens. Development slows, products stall, the staff that built the great stuff leaves, and mediocrity creeps in. Not always, but usually.

The next generation bends over - (37signals) (via theopie)

I actually deleted my account when I saw the deal. I had high hopes for Mint, but Intuit’s software and general presence has always turned me off. I wasn’t entirely comfortable handing over my financial details to a third party anyway, and this was the little push over the edge. Of course, I reserve the right to change my mind if they continue to innovate and the absorption works out.

10 months ago

18/9/09

reblogged via theopie
text

Bank of America Gestapo Tactics

I just had an incredibly distasteful experience at Bank of America (go figure). I attempted to cash a $200 check from the city, a BoA account, and was told I had to pay a $6 fee “unless I wanted to open an account”. That bit of extortion was galling enough, but I was in a rush so I reluctantly agreed.

The real trouble started when the teller pulled out an ink pad and demanded a fingerprint. I drew the line here, and frankly I’m horrified this has slipped under the radar. An ostensibly private financial conglomerate with unknown motives and a questionable security history is being allowed to collect fingerprints from U.S. citizens? Unacceptable. Perhaps if they were facilitating a transaction between a pair of third parties - but they were refusing to cash one of their own checks, written by a municipal client, no less.

Resolution: I refused to be fingerprinted, they refused to honor their check, I walked out. I will deposit my check in my bank instead, and Bank of America will never see a dime of my future business. Perhaps I’ve lost here, but I refuse to relent to what amounts to corporate extortion and invasion of privacy by an embarrasment of a bank that is now a ward of the state.

quote
When the balance sheet of a company does not capture the true costs and risks of its business activities,” and when that company is too big to fail, “you end up with them privatizing their gains and socializing their losses,
Nandan Nilekani, the co-chairman of the Indian technology company Infosys (via Thomas Friedman’s NYT article, The Price Is Not Right)

1 year ago

1/4/09