Monster Apparently Has Crappy Accountants Too
There's been a lot of buzz in the Recruiting Blogosphere about Jason Goldberg's video in which he stated that Monster has a crappy product. Be that as it may, it now appears that Monster's accountants are even crappier. Apparently, from 1997 through 2005 the site overstated its profits by some $272 million.
What do you think? Could this lead to additional SEC and shareholder problems? Maybe? Just maybe?
If you haven't seen the Goldberg video, here it is:
I think Monster's product problems are related to their strategy overall. Five years ago Monster was focused only on job postings. Then TMP got into the advertising business, the employment brand and marketing business and lost their focus and now are struggling to find their way...it's a classic sign of a fast growing business that tried to grow too fast. And what happens when you move too fast? You skim corners.