Tuesday, June 03, 2008

Blogging buzz by Whole Foods CEO

This is an interesting piece i've read so far. John Mackey, the CEO of Whole Foods, are back to blogging after an investigation of annoymous postings on Yahoo Finance. It makes me think of the grassroot media's impact in the financial world.

Here is a digest from WSJ.

"Whole Foods Market Inc. Chief Executive John Mackey is back in the blogosphere after a months-long investigation that questioned his anonymous postings on Yahoo Finance message boards.

The U.S. Securities and Exchange Commission spent the past 11 months investigating whether Mr. Mackey's roughly 1,400 anonymous messages under the screen name "Rahodeb" had broken any laws. The commission concluded no action needed to be taken against the chief executive or the company.

As a result, Mr. Mackey has returned to the Web with a vengeance, posting a 2,037-word piece on Whole Foods' Web site in which he said he's sorry the investigation put a negative spotlight on the company. He acknowledged making a mistake in judgment, but not ethics, saying he didn't realize posting under a screen name in an online community would cause so much controversy.

"I don't wish to apologize for being highly competitive, because much of my drive and creativity come from this competitiveness," he said. "I don't believe that I ever crossed the line of fair but vigorous debate in these postings." The posting was reported earlier by Silicon Alley Insider."

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