Investors Flee Carbonite After Limbaugh Announcement
Remember last week when Carbonite CEO David Friend decided to punish Rush Limbaugh for insluting, oops, I mean insulting Ms. Fluke and her alleged $3,000 cysts? Mr. Friend was all in a tizzy and yanked his advertising from the Rush Limbaugh program to show what a caring, sensitive, compassionate, blah de blah blah he was.
Well, Mr. Friend is in another tizzy because his company is going down the crapper. This is how investors engage in "civilized discourse" Mr.Friend.
All told, Carbonite stock is down 12% in two days, far outstripping the market's over all decline.Investors Drop Carbonite After Limbaugh Controversy
On Saturday, Carbonite CEO David Friend released a statement on his company’s website declaring that Carbonite had decided to “withdraw” advertising from Rush Limbaugh’s radio show in the wake of his controversial remarks involving Georgetown Law student Sandra Fluke because it will “ultimately contribute to a more civilized public discourse”:
Even though Mr. Limbaugh has now issued an apology, we have nonetheless decided to withdraw our advertising from his show. We hope that our action, along with the other advertisers who have already withdrawn their ads, will ultimately contribute to a more civilized public discourse.