Stephen Foley: A fruitful disaster
Stephen Foley is a former Associate Business Editor of The Independent, based in New York. He left in August 2012. In a decade at the paper, he covered personal finance, the UK stock market and the pharmaceuticals industry, and had also been the Business section's share tipster. Between arriving with three suitcases in Manhattan in January 2006 and his departure, he witnessed and reported on a great economic boom turning spectacularly to bust. In March 2009, he was named Business and Finance Journalist of the Year at the British Press Awards.
Saturday 16 June 2012
US Outlook On Wall Street, when you lose billions of dollars, at least your employer can claw back some of your previous bonuses. Not so in the Canadian tech industry. In fact, lose billions and you can expect an even bigger payout.
In the teeth of BlackBerry's collapsing market share, and the diving value of its parent company, Research in Motion, Jim Balsillie and Mark Lazaridis stepped down as co-chief executives in January. But it turns out the board has given them $4m (£2.6m) and $8m, to help with their "transition arrangements". The payments reflect how they "revolutionised the worldwide wireless industry with the introduction of the BlackBerry and forever changed how the world communicates", says the firm's mind-blowing justification.
They got paid for that on the way up. They wouldn't deserve to get paid for it again on the way out, even if they hadn't driven the company to disaster. It's outrages like this that spark revolutions. Canada can expect a belated shareholder spring.
Notes from a small island: Is Sealand an independent 'micronation' or an illegal fortress?
You thought Ryanair's attendants had it bad? Wait 'til you hear about their pilots
World news in pictures
David Cameron goes to war with newspapers over 'swivel-eyed loons' slur
Revealed: Eerie new images show forgotten French apartment that was abandoned at the outbreak of World War II and left untouched for 70 years
- 1 Heading for America? Prepare for the longest US immigration queues ever
- 2 Notes from a small island: Is Sealand an independent 'micronation' or an illegal fortress?
- 3 You thought Ryanair's attendants had it bad? Wait 'til you hear about their pilots
- 4 David Cameron goes to war with newspapers over 'swivel-eyed loons' slur
- 5 It’s official: thanks to Stephen Hawking's Israel boycott, anti-Semitism is no more
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Win anything from gadgets to five-star holidays on our competitions and offers page.
iJobs Money & Business
£550 - £600 per day: Orgtel: Fidessa Analyst / PM - Banking - London - Up to £...
£450 - £500 per day: Orgtel: Sourcing Manager - Banking - London - Up to £500p...
To be discussed at interview.: Queen Elizabeth's School: An experienced and ef...
£294.05 - £330.92 per day + 150 per day travel and accommodation: Orgtel: A le...