[3047] in Privacy_Forum
[ PRIVACY Forum ] How the Inventors of Dragon Speech Recognition
daemon@ATHENA.MIT.EDU (PRIVACY Forum mailing list)
Sun Jul 15 16:22:46 2012
Date: Sun, 15 Jul 2012 13:12:37 -0700
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How the Inventors of Dragon Speech Recognition Technology Lost
Everything (Answer: Goldman Sachs)
http://j.mp/NIRqzV (Slashdot)
"James and Janet Baker were the inventors of Dragon Systems speech
recognition software, and after years of work, they created a
multimillion dollar company. At the height of the tech boom, with
investment offers rolling in, they turned to Goldman Sachs for
financial advice. For a five million dollar fee, Goldman hooked them
up with Lernout & Hauspie, the Belgium speech recognition company.
After consultations with Goldman Sachs, the Bakers traded their
company for $580 million in Lernout & Hauspie stock. But it turned out
Lernout & Hauspie was involved in cooking their books and went
bankrupt."
- - -
--Lauren--
Lauren Weinstein (lauren@vortex.com): http://www.vortex.com/lauren
Co-Founder: People For Internet Responsibility: http://www.pfir.org
Founder:
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Member: ACM Committee on Computers and Public Policy
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