Pay By Touch new boss could be worse than old boss

Pay By Touch CEO John Rogers is definitely out of the troubled San Francisco biometrics company, an employee tipster tells us. But the new boss, COO Eula Adams, may not be all that better. "From an employee perspective, in regard to stock options, Adams may be worse than Rogers, as hard as that may be to believe," he writes. He explains this sentiment in a long email. Here's the short version.

Eula Adams is a C.P.A. and a recognized expert in financial matters. Are we to believe that Adams didn't know the company lost $125 million in 2006, that the company was near insolvency several times, and that the company's primary product, biometric payments, was producing an average of two transactions per store per day? [Had] Adams planned to let the company fail so he could save himself and the investors he consorted with to take over the company? Insiders think so.