Jobs & Options = Downfall?


kgarner

macrumors 68000
Jan 28, 2004
1,512
0
Utah
From the article:
"Do I think Steve is at risk? I think the risk just went down," said James Grossman, a fund manager at Thrivent Financial for Lutherans in Appleton, Wis.
Sounds like he is more in warm water, than hot water.
 

Silencio

macrumors 68020
Jul 18, 2002
2,366
230
NYC
The SEC dropped its own investigation into Apple's stock options backdating mess. Apple's investigation team is voluntarily handing over their findings and info to the SEC, which does raise the possibility that they could re-open their inquiry.

The question is who the two (former?) executives are that benefitted from the backdating, and what will become of them...
 

Queso

Suspended
Mar 4, 2006
11,826
7
It's been speculated that one of the executives was Fred Anderson, but it's just speculation at the moment. I can't see how Steve can take the flack when he didn't benefit from the deal, especially if told by his CFO that all was above board.

We will see.
 

patrick0brien

macrumors 68040
Oct 24, 2002
3,238
0
The West Loop
This is no big deal. Enron/Worldcom this is not.

If anything, 'ol Fred screwed up. The rules for stock options at that time were changing daily. I'm not surprised this occured at all.

In fact, I'm a little suspicious we haven't heard about other companies doing this self-audit.
 

PlaceofDis

macrumors Core
Jan 6, 2004
19,239
4
patrick0brien said:
In fact, I'm a little suspicious we haven't heard about other companies doing this self-audit.
oh they are. Microsoft included i believe.
 

IJ Reilly

macrumors P6
Jul 16, 2002
17,892
1,466
Palookaville
dynamicv said:
It's been speculated that one of the executives was Fred Anderson, but it's just speculation at the moment. I can't see how Steve can take the flack when he didn't benefit from the deal, especially if told by his CFO that all was above board.

We will see.
That's sort of a Ken Lay defense, which I don't think works anymore. I don't expect Steve to be found culpable of any actual wrongdoing, but it is appropriate for him to admit that as CEO he should have exerted more oversight.

(Yikes, my 4,000th post. Fortunately not all on this topic.)
 

asphalt-proof

macrumors 6502a
Aug 15, 2003
584
0
Magrathea
Steve Jobs went out and took responsibility and apologized for the incident. This, alone, does a lot to diffuse a problem. Something that I wish political leaders would learn. :rolleyes:
I don't see any major fallout for Apple or SJ because of this.