I don't think Mr. Courtot has a business where he has to trust others with his company's proprietary, business-centric data. If he had to actually put his real world data into the hands of some other company, he might rethink his statement. The cloud company would have complete access to Mr. Courtot's company's data, and an unscrupulous cloud company could very easily burn that data to CD/DVD and sell it to competitors. Is it legal/ethical? No, but it COULD be done, and having a cloud company that's not on US soil would mean that the SEC would have no grounds to step in and correct the situation.
Personally, I think that when Mr. Courtot stated, "If you resist the move to the cloud you will be replaced" his entire argument lost it's value for me. There may be a time that the cloud becomes a viable option for businesses, but it's not there yet, and if Mr. Courtot is mainly worried about is making more secure browsers, he's not really thinking his argument through.
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