Word: desai
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Other stops on Desai's career track were true enough. Desai spent less than a year as editor in chief at TheStreet.com with a brief stint as CEO. He had also been a managing director at Scient for eight months. This didn't faze the universities, because job hopping seemed de rigueur in the Internet world...
Trouble is, Desai was booted from TheStreet.com without any stock options and left Scient shortly after the New Hampshire pledge was announced. Desai told TIME he can't legally disclose how much Scient stock he holds, although the amount may not matter much, as the share value has fallen from $133 to less than $2. But he insists he's good for the dough--if and when the stock market bounces back. "There's been no resizing of the overall pledges," he says. "There's just been discussion about timing...
...still owes about $2 million to Washington, which to date has received only one check (which wasn't even big enough to cover the party and the engraved ice ax the school gave Desai, a professed Everest climber). "The longer time goes on, the more skepticism starts to creep in," Arkans says...
This winter Desai asked if the school would like to be paid in stock from his most recent employer, Formulasys, a privately held tech consulting company. Once again Desai became CEO. Briefly. He was asked to resign in January, five days after getting the top job. The firm claims he had been falsifying contracts with big-name companies like Vodafone, although Desai says the allegation is "utter nonsense...
...didn't really produce any numbers. He just created a hype," says Formulasys president Rajeev Karajgikar. "He's a smooth talker, a real con man. He knows exactly how to play the cards." Karajgikar says Desai's reputation was self-perpetuating. "Stories of his donating millions led people to believe in him," he says...