I decided to resign from Square so my colleagues could continue to do great work without the distraction that a lawsuit would most certainly bring. I deeply regret that I let my personal and professional lives to become intertwined, and I apologize to my colleagues and friends (at Square and elsewhere) who I’ve let down, and who will bear the brunt of some of the unnecessary, negative attention this situation will likely bring.Former Square chief operating officer Keith Rabois • Discussing why he chose to resign from the company. To put it simply, Rabois faced a lawsuit over his relationship with a former employee of the company, one who Rabois claims he had a consensual relationship with. With the prospect of a sexual harassment lawsuit claiming otherwise hanging over his head, and also threatening Square’s business, Rabois was clear that he was innocent of the allegations he faced. “While I have certainly made mistakes, this threat feels like a shakedown, and I will defend myself to the full extent of the law,” he said. The company, in a statement, did not find any evidence of misdeeds on the part of the departing executive but admitted his departure was the right move. ”Keith exercised poor judgment that ultimately undermined his ability to remain an effective leader at Square,” a spokesperson said.
Coolest thing you’ll see today: A guy managed to play a reel-to-reel tape through his iPod Touch using a slightly-modified Square credit card reader, which seems obvious if you think about it, but not so much at first. Clever work, bro. (via Hacker News)
It may be too early now to talk about the Law of Unintended Consequences, but years from now, we may owe a debt to reforms like Dodd-Frank for finally weaning us off the physical wallet and encouraging us to experiment with the new technologies helping to create the Digital Wallet.The Washington Post’s Dominic Basulto • Arguing that Dodd-Frank’s side effects — such as Bank of America's decision to start charging people for the right to use a debit card — will be great in the long run, because it will push consumers and businesses to stop relying on banks for these sorts of services, instead going for phone-based options, provided by companies such as Google or Square, instead. Basuito compares Bank of America's controversial move to Netflix's price-raising scheme, and suggests it will hurt them long-term. source (via • follow)