Apple Stock Options Fallout Continues

[Earendil]

The common thing is to make millions while screwing the workers and cooking the books. Enron,GM,Exxon, and even Apple are all ran by greedy corporate pigs. Its like Congress giving itself 10 raises in a row and voting down a minimum wage increase every time. These guys all suck if you ask me.

Could we be any more blatantly, wide sweeping, stereo typing, and overall dripping with negativity?

No, I'm not saying ignore the bad things in life. But by golly, try and find some proof of bad things instead of grouping everyone in the evil pot. Those leaders and corporate execs are human beings, someones fathers and mothers, and actually have the possibility for integrity

~Tyler

 

[xPismo]

You don't spend the cash for a team of reps unless you need the protection.

Or think you might, which isn't exactly the same thing. <snip>

Yes, you do. To protect your rights and make sure that everything is going smoothly. That fingers won't be pointed at you, in the out-of-control fashion that usually arises when everyone is trying to save their own a**.

You both just said the same thing I said.

 

[gnasher729]

You don't spend the cash for a team of reps unless you need the protection.

Only a complete idiot and moron would not get himself a lawyer in this situation, especially when innocent.

 

[jamesfabin]

I just bought a lot more shares

Who's that knocking on the door, it's opportunity! I just bought up another batch of shares this morning when it was really low - made a few hundred dollars today, but I know in two weeks it'll be worth a lot more!

WS always over-reacts with these issues. I see this as a great time to buy in.

 

[SiliconAddict]

You don't spend the cash for a team of reps unless you need the protection.

Yes you do.

 

[lorductape]

who cares as long as they don't stop selling macs

 

[Earendil]

You both just said the same thing I said.

Dang, xPismo, you're getting railed on by people not reading the entire thread, and all because your wording isn't interpreted the way you meant it to be by a few people. If I were you I'd go back and reword it before the thread is consumed by those that don't understand you

 

[jbernie]

Ignorance does not equal innocence. IIRC Sarbanes Oxley was implimented for things like this, if the CEO/CFO sign off on false documents they are also held accountable regardless of whether they were involved in the errors.

Not say they get the same punishment as the people who commit the crimes, but they are likely to be fined etc.

From what I have seen it does appear to be an isolated group of senior employees, which is good as it isn't a systematic issue, but in saying that it is not good for Apple's image as it was senior employees who are doing it.

I'd guess the drop in stock value is a reflection of Apple losing some of its warm fuzzy feelings, though as one poster noted unless there is some massive outfall from this, the issue will go away the stock will rise and all is good with the world.

If you are an investor and only have AAPL stock you may consider looking for some safer investments short term, don't put all your eggs in one basket etc.

 

[FrankBlack]

OK, so I'm a little late to this one....

I just checked the stock, and as of 6:56 PM eastern, it had rebounded to 81.71 in after-hours trading. An interesting reaction. Today, all it takes is one little off-the-cuff remark or statement to send any companies' shares tumbling.

So, close to 200 companies, most of them technology based, are being investigated for possibly stock options skullduggery? Well, I can't say I'm surprised. As others have noted already, this has probably been going on for a long time, they are only now getting caught. Unfortunately, Apple is among the best known, and most visible. There a bunch of other technology companies out there that are also under the microscope, but they are going un-noticed. Some time ago, the CEO of McAfee (Ticker symbol: MFE) stepped down over stock options back dating, but it went largely un-noticed. One big problem with some (not all) big-shot execs in any company, is that they don't like the word "enough". They want more, and they think they won't get caught doing something illegal.

My own guess as to why Steve Jobs hired his own attorneys: Probably to fend off any further digging by the feds. He probably felt it was best to have legal representation that had no involvement with the company.

As someone once said, "This too, shall pass".

 

[IJ Reilly]

You both just said the same thing I said.

Not really, no. You said a person doesn't get legal representation unless they needed it. I said they would if they thought they might need it, which is not the same thing.

yourself!

 

[IJ Reilly]

As someone once said, "This too, shall pass".

Whoever said that probably had kidney stones.

 

[theheadguy]

Nonsense, Apple volunteered the information to the SEC.

They volunteered information about falsified documents? I think you are referencing simple accounting irregularities. The scope of this investigation is widening, it doesn't mean you have to make bigger pushes to defend Apple. It is what it is and we'll find the results as they come in.

We seem to have two end of the spectrum here, the federal government who could pursue criminal charges based on fraud (yes falsifying documents is indeed fraud), and people here who are running around yelling this is alllll speculation and we should assume Apple is wonderful and would never lie on a single document for a few executive's personal financial gain, Steve included. I think the answer is somewhere in the middle. Time will tell.

 

[Dont Hurt Me]

Could we be any more blatantly, wide sweeping, stereo typing, and overall dripping with negativity?

No, I'm not saying ignore the bad things in life. But by golly, try and find some proof of bad things instead of grouping everyone in the evil pot. Those leaders and corporate execs are human beings, someones fathers and mothers, and actually have the possibility for integrity

~Tyler

7.5 million shares with no board approval? I wonder how many shares Apples workers were given? Oh thats right they gave em shuffles. Nothing new here its the same old story the CEO class are raping these companys and the workers are lucky for minimum wage that was set a decade ago unless they are pod makers in China then they get 50 cents a day. Jesus said its easier to thread a camel through the eye of a needle then for these types to make it in heaven.

 

[IJ Reilly]

The volunteered information about falsified documents? I think you are referencing simple accounting irregularities. The scope of this investigation is widening, it doesn't mean you have to make bigger pushes to defend Apple. It is what it is and we'll find the results as they come in.

We seem to have two end of the spectrum here, the federal government who could pursue criminal charges based on fraud (yes falsifying documents is indeed fraud), and people here who are running around yelling this is alllll speculation and we should assume Apple is wonderful and would never lie on a single document a few executive's personal financial gain, Steve included. I think the answer is somewhere in the middle. Time will tell.

Now wait just a doggone second. I'm calling it speculation because it is in fact speculation, not because I believe Apple can do no wrong. Those who'd elevate speculation to the level of fact have the opposite problem on their hands -- they're prepared to assume criminal wrongdoing occurred strictly on the basis of somebody saying it might have happened.

 

[longofest]

Article Correction

The origninal version of the MacRumors article contained information indicating that Intuit was still under investigation by the SEC. We were just notified by an Intuit rep that Intuit is no longer under investigation, a fact that is verified via this press release. Intuit's name has been removed from the story, and I apologize for posting apparently out-dated information.

 

[Hobofuzz]

I find it a little difficult to believe that Steve Jobs is a greedy man, considering his salary is $1.

If this was Steve Wozniak, I'd be absolutely sure he wasn't greedy. Wozniak spent a few million on his kids' playroom (or was it a birthday party?) once, and from what I've read he spends money without really caring if he got the best deal or not.

I believe Jobs cares too much about Apple to intentionally do something to it that would cause it harm. Apple is the outlet for his artistic vision.

 

[Rocketman]

Hello SEC,

Who is definitely reading this . . .

I strongly suggest that given the issues with options and also Sarbanes-Oxley, you simply grant a reprive for everyone, and limit your jusisdiction based revenge (justice), to "fines" not "convictions".

The reason for my statement is simple. This was a pattern and practice in the industry which was approved by --the accountants--, these company officials relied on.

Punishing the sheep (company officials) for the acts of the foxes (accountants) is not justice.

Where are the criminal penalties for the acts and omissions of GOVERNMENT employees??????????????

Well???????????????????????????????????????????????

Where is my jurisdiction to make VALID CLAIMS????????????????????

Rocketman

 

[Dont Hurt Me]

Im not saying its Jobs, but someone gave him 7.5 million shares without accounting for them? Ive never understood these greedy CEO's how they can make millions only to want more millions and millions. When is enough enough for these guys? Enron,Tyco, now Apple.

 

[Rocketman]

Not really, no. You said a person doesn't get legal representation unless they needed it. I said they would if they thought they might need it, which is not the same thing.

yourself!

Since authorities and police are now ALLOWED to LIE about facts and allegations, any person questioned at any time for any reason should take the fifth and hire an attorney forthwith. ESPECIALLY if innocent.

Rocketman

 

[jicon]

I find it a little difficult to believe that Steve Jobs is a greedy man, considering his salary is $1.
QUOTE]

Is that sarcasm or ignorance? You know he receives a tonne of stock options with that $1 salary, don't you?

He's made a killing from exercising stock options in the past few years.

 

[Dont Hurt Me]

I find it a little difficult to believe that Steve Jobs is a greedy man, considering his salary is $1.
QUOTE]

Is that sarcasm or ignorance? You know he receives a tonne of stock options with that $1 salary, don't you?

He's made a killing from exercising stock options in the past few years.

Thats a scam and cover, he is given millions and millions of stocks for petes sakes and is allready a millionaire or billionaire. Its something all the big companys are doing except most the others are not only giving these guys millions in stocks but millions in overpaid saleries.

 

[latergator116]

The common thing is to make millions while screwing the workers and cooking the books. Enron,GM,Exxon, and even Apple are all ran by greedy corporate pigs. Its like Congress giving itself 10 raises in a row and voting down a minimum wage increase every time. These guys all suck if you ask me.

I agree.

 

[savanahrose]

I didn't finish reading the posts but I do have one question.
Why would it affect Steve Jobs? Wasn't it his accounting office that did that? do we assume that Steve knows EVERYTHING that goes on in his company, Apple is a very big company?

Since it is a very big company, would he not have executives to over see certain areas? His only crime in my eyes is trusting the wrong people. I don't see him knowingly doing anything illegal through a company that he seems to love alot.

I think he will be cleared in all of this. I just hope that the feds don't hang him out to dry because he is the CEO.

 

[kironin]

Though he probably signed off various documents, he is claiming that, being no accountant, he did not know the accounting implications. Seems a bit disingenuous as a defence, but unless there's a paper trail showing otherwise, I'd say he'll probably get away with it.

Given the overkill of Sarbane-Oxley Act and the appalling erosion over the past 50 years of common law doctrines that kept criminal prosecutors in check, I wouldn't count on it.


if don't believe me, look for this book on Amazon.com
"Go Directly to Jail : The Criminalization of Almost Everything"

 

[Rocketman]

Given the overkill of Sarbane-Oxley Act and the appalling erosion over the past 50 years of common law doctrines that kept criminal prosecutors in check, I wouldn't count on it.


if don't believe me, look for this book on Amazon.com
"Go Directly to Jail : The Criminalization of Almost Everything"

I can certify that as actual fact.

Even with a permit!!!

Rocketman