Jim Baker created some groundbreaking voice-recognition technology with his wife, Janet. They were doing $70 million in sales, and hired Goldman Sachs to represent them in a $580 million dollar acquisition.
They completed a sale with a company that turned out to be a sham, and Goldman insists that their company did nothing wrong by not realizing that this company didn’t actually have sales.
Their software – Dragon – was sold to Nuance, which was sold to Apple, which turned it into Siri. All told, the software is worth about SEVEN BILLION DOLLARS.
They will never see a dime of it.
I think it’s safe to say, Jim Baker is having a MUCH worse Monday.