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I dislike Jack going back several years, but I think in this instance he's admitting that he's taking responsibility between weighing the risk of doing this vs.

I dislike Jack going back several years, but I think in this instance he's admitting that he's taking responsibility between weighing the risk of doing this vs. not doing this. Maybe morale will tank anyway and the company will hold on, but be out-innovated by competitors that invested in growth. There are future outcomes that could prove he made the wrong call, and I any time layoffs are announced, there is a tacit mea culpa about past over-hiring.

Lammy 7mo ago
It reads as hypocritical because he frames it as himself making a sacrifice when what he's really taking responsibility for is choosing the outcome that makes himself the most money. He owns 1 million Class A shares and 79.7%(!!!) of Block's Class B shares: https://d18rn0p25nwr6d.cloudfront.net/CIK-0001512673/0cb664ca-b2dc-4645-ad7f-1c65e62c3667.pdf#page=63 https://d18rn0p25nwr6d.cloudfront.net/CIK-0001512673/0cb664c...
taurath 7mo ago
> admitting that he's taking responsibility Its funny how for him, he is enriched by this option as the stock price rises, and its couched in words like responsibility. I was taught when I failed at something that responsibility meant making amends to the people wronged. His reputation taking a hit doesn't come even close to the loss of 4000 people's livelihoods - he will not lose one of his presumably many houses. > tacit mea culpa This is the opposite of a mea culpa, this is saying there is no choice and the decision is inevitable, and he is only allowed (by the very framework he constructed) to do it fast or slow.
NicuCalcea 7mo ago
It's easy to take responsibility when all you have to do is say "I'm taking responsibility". Or, in his case, "i'm taking responsibility".
- HDThoreaun 7mo ago
  He's also giving out massive severance packages
  - NicuCalcea 7mo ago
    Is four and a half month's pay considered massive in the US? What do you normally get when you're made redundant?
    - HDThoreaun 7mo ago
      Id say 2 months is about normal for non tech maybe 3.5 at solid companies. This also adds a week per year at the company so plenty of people will be getting 5 months+ and $5k on top of that
      - NicuCalcea 7mo ago
        Fair enough. It's nothing crazy by UK standards, you'd usually get your notice period paid off (2-3 months), plus another few months negotiated by your union, plus the statutory week's pay for each year worked (1.5 weeks if you're over 40). You don't normally get to keep your devices, I guess.
        nothrabannosir 7mo ago
        Double counting the notice period is unfair IMO. You already pay for the notice period by having the notice period when you want to quit. Companies having to pay you the notice period when they fire you is symmetrical and IMO is not a severance package. Maybe that's just my assumption, but IMO a severance package is the asymmetrical pay-out when one party quits an agreement, not the communal wager you both put down when you enter the contract. Put another way: if both parties agree on a shorter or longer notice period, I wouldn't expect that to affect any potential severance package. It's just the notice period.
        NicuCalcea 7mo ago
        What's fair is what I, my union, and my employer believe is fair. Why should it be symmetrical?
poszlem 7mo ago
Insert Michael Scott shouting "I AM DECLARING BANKRUPTCY" meme. Change that to "I AM TAKING RESPONSIBILITY".
wiseowise 7mo ago
> but I think in this instance he's admitting that he's taking responsibility What kind of responsibility is he taking, exactly? Has he stepped down? How much money has he lost when stock rose 23%?

Lammy 7mo ago

It reads as hypocritical because he frames it as himself making a sacrifice when what he's really taking responsibility for is choosing the outcome that makes himself the most money. He owns 1 million Class A shares and 79.7%(!!!) of Block's Class B shares: https://d18rn0p25nwr6d.cloudfront.net/CIK-0001512673/0cb664ca-b2dc-4645-ad7f-1c65e62c3667.pdf#page=63 https://d18rn0p25nwr6d.cloudfront.net/CIK-0001512673/0cb664c...

taurath 7mo ago

> admitting that he's taking responsibility Its funny how for him, he is enriched by this option as the stock price rises, and its couched in words like responsibility. I was taught when I failed at something that responsibility meant making amends to the people wronged. His reputation taking a hit doesn't come even close to the loss of 4000 people's livelihoods - he will not lose one of his presumably many houses. > tacit mea culpa This is the opposite of a mea culpa, this is saying there is no choice and the decision is inevitable, and he is only allowed (by the very framework he constructed) to do it fast or slow.

NicuCalcea 7mo ago

It's easy to take responsibility when all you have to do is say "I'm taking responsibility". Or, in his case, "i'm taking responsibility".

HDThoreaun 7mo ago
He's also giving out massive severance packages
- NicuCalcea 7mo ago
  Is four and a half month's pay considered massive in the US? What do you normally get when you're made redundant?
  - HDThoreaun 7mo ago
    Id say 2 months is about normal for non tech maybe 3.5 at solid companies. This also adds a week per year at the company so plenty of people will be getting 5 months+ and $5k on top of that
    - NicuCalcea 7mo ago
      Fair enough. It's nothing crazy by UK standards, you'd usually get your notice period paid off (2-3 months), plus another few months negotiated by your union, plus the statutory week's pay for each year worked (1.5 weeks if you're over 40). You don't normally get to keep your devices, I guess.
      - nothrabannosir 7mo ago
        Double counting the notice period is unfair IMO. You already pay for the notice period by having the notice period when you want to quit. Companies having to pay you the notice period when they fire you is symmetrical and IMO is not a severance package. Maybe that's just my assumption, but IMO a severance package is the asymmetrical pay-out when one party quits an agreement, not the communal wager you both put down when you enter the contract. Put another way: if both parties agree on a shorter or longer notice period, I wouldn't expect that to affect any potential severance package. It's just the notice period.
        NicuCalcea 7mo ago
        What's fair is what I, my union, and my employer believe is fair. Why should it be symmetrical?

poszlem 7mo ago

Insert Michael Scott shouting "I AM DECLARING BANKRUPTCY" meme. Change that to "I AM TAKING RESPONSIBILITY".

wiseowise 7mo ago

> but I think in this instance he's admitting that he's taking responsibility What kind of responsibility is he taking, exactly? Has he stepped down? How much money has he lost when stock rose 23%?