After reading the online newspaper article "Hoax Batters Tech Firm", discuss who you think is responsible for the consequences of the hoax. What should the punishment be? What should be done to prevent this in the future? What ethical connections can be made to this story and recent events relating to the Enron corporation?

 

 

Note that this article is six years old. Use the Internet to learn more about what happened in this specific case and/or provide your peers with similar stories and links.

 

The blame in a case such as this falls on several sides.  The blame could be placed on the false poster, for posting false information, possibly with the intention of causing damage to the stock of the firm.  

 

The blame could fall on Internet Wire, for putting false information on their website.  But, is it up to them to double check all their sources?  What kind of standards should news organizations such as Internet Wire, especially those based wholly online, have for verifying information?

 

The blame could fall on the numerous other stock and business websites - they, too, could have done more fact checking, or called the company to verify the details.  This story passed into the mainstream media so easily - is it a sign that we need more stringent standards on verifying information, before reporting it?

 

Finally, the blame could fall on the stockholders.  However, this is the least likely.  If I was being told by several news sources the same story about a company’s failure, I’m not sure there is any way to really verify that, as a consumer, or a stock broker, where split second decisions must be made.

 

It seems like the main issue in the article, and this type of situation in general, is that one source can be used to spread a rumor, or a hoax, like wildfire through a stock market.  Our entire market - investors, brokers, reporters, and companies - must be more careful in verifying information before posting it.  The saying goes “don’t believe everything you see on TV”, and the same should apply on the Internet.