From my contribution:
Business in the information age is, in large part, governed by Industrial Age rules intended to restrain J.D. Rockefeller, J.P. Morgan and so on — bit-and-byte realities wrestling with concrete and steel legacies. It will prove interesting to see these laws and policies applied to corporate social media governance.
Even if a company did not create a “don’t act stupid” policy, it could easily fire or discipline its employees for posting inappropriate photos to Facebook or disclosing proprietary information on Twitter. Employees, in turn, should know that their conduct in public – including social media accounts visible to outsiders – can expose them to career repercussions.