Would the OpenAI Debacle Ever Happen in Finance?
I'm not talking about the board firing Sam Altman - I'm talking about the fact that 95% of employees have threatened to resign unless Sam Altman is reinstated and the board resigns!
I'm trying to map this onto audit (where I currently work), consulting, investment banking, hedge funds, law firms, and it all sounds fanciful, to be completely honest. I can't see any set of employees in any of those professions all coming together and demanding that the board reinstate a CEO and threaten to resign, even if the firm is tiny (like a boutique consulting firm or small hedge fund). I'm not sure whether this is childishness or Jean Luc Picard levels of loyalty (though even on the Enterprise, I suspect the crew would move on if Starfleet appointed someone else to lead them in his stead).
I suspect that their intentions aren't this pure though. Their bonuses are tied to the stock price of the company which is in freefall now. That can't not play a role in all of this.
What do you guys think?
That board was on the path of destroying OpenAI and screwing up a lot of people’s money. The employees saw how boneheaded of a move it was to fire Sam who is well liked and obviously an extremely effective and proven businessman. The world saw how ridiculous this firing was as well. And when you combine that external leverage with the fact that OpenAI’s technical employees are amongst the best in their field, if not the best, it was completely rational to call out their stupid board. OpenAI is nothing without them and they are not easily replaced. They had nothing to lose reputation wise and all to gain by signing that letter.
It’s a completely unique circumstance involving a very different set of people who have more leverage as rank and file employees vs. just about any other group of employees, especially in commoditized fields like audit and banking. A single junior OpenAI scientist or engineer could unlock a trillion dollars of value by driving a technical leap for ChatGPT - no single senior banker or auditor could do that let alone a junior one.
Yeah I agree with the above. A lot of OpenAI employees have stock in the company that probably 10x'd thanks to Sam's fundraising. It was so retarded for the board to think it would be okay to oust Sam, bring OpenAI back to its "nonprofit roots," and then think employees would be fine with losing their millions in the process. I hope Sam comes back and makes it a completely for-profit corporation because this is what happens when you have a board with no equity stake in the company. Bunch of retards.
FOSS retards BTFO
Given how corrupt* most Wall Street boards are, I can't see them firing a CEO in the first place.
* Corrupt isn't the right word but my brain is foggy. I mean the whole executive board structure is broken on Wall Street and in business in general, being way too much in the business of handing out giant, completely unwarranted and unneeded pay packages to executives, because all these boards are so interlocked that the people voting for huge pay increases for shoddy performance are expecting the same vote to come to them.
And he’s back alongside an initial new board. Amazing move on the part of Microsoft in providing shelter for Sam and other employees. Bravo to the employees who capitalized on the announcement and took a stand. OpenAI doesn’t look good for having gone through this self induced turmoil but it looks like it’s going to come out stronger.
The one party that stands out positively in this mess even more than OpenAI’s employees is Satya and Microsoft. What a brilliant set of moves they played and facilitated.
Reverse could happen at Goldman. 95% of employees could threaten to quit if Soloman isn't fired
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