You should not beleive every word a CEO writes on his blog. If he was convinced by others not to purchase Istock, then he is a lousy CEO. He should not brag about his obvious lack of sills. He also later sold Jupiterimages, once valued at $400 million for a mere $96 million. That final sum barely covered the debt he had accumulated.
Obviously, he is allowed to feel sorry for himself, but as a leader of a company, he should stop blaming others.