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Posted on 01/12/2007 2:03:03 AM PST by HAL9000
Excerpt -
Federal authorities are actively investigating a backdated stock-option grant awarded to Steve Jobs, Apple Inc.'s chief executive, that carried a false October 2001 date, people familiar with the matter say.Apple recently disclosed that records were "improperly" created to claim that the grant was approved at a special board meeting that month. But no board meeting took place then.
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(Excerpt) Read more at online.wsj.com ...
Nothing to see here. Move along people...
Hmmmm. That isn't good.
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The stock will take a predictable hit in a few hours - it should be a good buying opportunity.
A few items from the article: A low-level lawyer named Wendy Howell claims that she was instructed by Apple's general counsel Nancy Heinen to create false documentation.
Heinen denies instructing Howell to do that, but says each grant was approved by her superiors.
Jobs was involved in setting the dates for some of the 6,428 grants - but not for his own grants.
Apple's compensation committee at the time consisted of Intuit chairman William Campbell, former IBM CFO Jerome York, and Genentech CEO Arthur Levinson.
Al Gore is not mentioned in the article.
So far, Jobs is not the direct target of the investigation. But the situation is getting messy.
The whole thing is crap anyway. Jobs could write his own ticket on compensation and board would likely go along.
He was at the meeting that didn't happen but was out of the room because he'd had too much tea.
He also invented backdating options.
Sorry, couldn't help myself.
Steve Jobs is one of the biggest megalomaniacs in the business.
Cisco is just looking for a piece of the Apple TV action.
They should name it the PhoneBook.
Then they'll get sued by Ma Bell. Try not to be too successful Steve. Someone might get jealous.
Gore wasn't at Apple until 2003.
I'm not sure even the most ardent Mac fan can disagree with that. But I don't care. As long as I don't have to know him, talk to him or work for him I'll be happy to sit back and watch that megalomaniac churn out some of the best products on the market.
I don't think I can disagree with your statement either. Apple does make great products.
I have always marveled that when Apple went from the Apple II to the Macintosh line, they used a variety of apple in that one case but in no other. Maybe the phone could be a "cortland" or "gala" or "northern spy."
The fact that Apple is PC to the max probably makes the fact that Apple is the most visible case the best thing that could be hoped for. Democrats have every reason to like Jobs, and Republicans respect him. Therefore Jobs is likely to get a pass, and what is done for Jobs will be strong precedent for what happens to the rest of industry.But then, people like Jobs know going in that the way to keep Big Journalism from savaging you is to make yourself usseful to Big Journalism. Most wealthy people pay protection money to the Democrati Party . . .
But he is a member of the two-man committee that conducted Apple's internal investigation of the options scandal, so he's relevant. If he falsified the results of the investigation, he could be prosecuted.
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