The Verge ran an excellent story about the financial collapse of OnLive, which operated high-end gaming computers in the cloud and streamed the gameplay to distant customers.
Two Fridays ago, Steve Perlman told the 200 employees of cloud gaming company OnLive that it was all his fault. He thanked them for their hard work, and then he had HR show them the door with no severance pay. Then, through a legal insolvency tool, Perlman transferred all of OnLive's assets to a brand new company and took over as CEO, hiring back only a skeleton crew to keep the ship afloat.
It's amazing to see such an in-depth and well-reported piece so soon after the event: this all went down days ago.