Management has to Change with the World
"AOL was run at the peak of the Internet bubble by a coterie of relatively young managers who had, thanks to their efforts and in no small part to what turned out to be a fantasy-land economy and stock market, become fabulously wealthy. As wealth is often a strong contributor to self-esteem, it's safe to say this tight band of executives - busy in their spare time acquiring yachts and fractional jet ownership and third homes - held their particular views on business (and pretty much everything else) in very high regard. The problem was, the world was changing. Money was no longer falling from the sky from newly public dot-coms. Broadband Internet access was developing rapidly. Traditional advertisers were demanding accountability. And management whiffed, leaving AOL woefully unprepared for the changes taking place."