Likely insider hack taunts company executives

At the same time the Radio Advertising Bureau (RAB) was making a 10% employee layoff Thursday, the association's CEO e-mail was hacked and a hoax lay-off memo sent out that disparaged the organization as sexist and filled with overpaid "good 'ol boys."

When it learned of the fake e-mail that resembled an internal memo from RAB President and CEO Jeff Haley, which someone also broadcast to the , the New York City-based trade association issued a statement Thursday night saying it is conducting an investigation.

"We will explore any and all remedies to ensure the individual, most likely a terminated employee, accepts responsibility for this damaging act," RAB said in its statement yesterday. "The content of this fraudulent memorandum is entirely baseless. The RAB is proud of its inclusive track record, and will not be bullied by the cowardly acts of an individual who chooses to make anonymous false accusations. We regret any embarrassment or difficulties that this has caused for our employees and former employees."

The RAB also issued the contents of the real memo that had gone out about the workforce reduction, which says the layoffs of five employees were made because of the "current economic environment and its impact on our 2009 budget." The RAB is also instituting an immediate hiring and salary freeze, according to the memo.