SEC to Explore Allegations of Jobs Involvement in Backdating Scandal
April 26, 2007 2:59 PM
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Even though the Apple board supports him, the SEC may take another look at Jobs' involvement with a stock options backdating scandal
Former Apple chief financial officer Fred Anderson's comments against CEO Steve Jobs may have given further life to the Securities and Exchange Commission's probe of Apple’s option backdating in 2001. Anderson stated that he warned Jobs of the possible legalities of backdating Apple stock options, which may lead to federal investigators and the SEC to take a second look at the case.
While Jobs will most likely still be clear of any charges, another SEC investigation will keep the
attention on an issue that Apple quickly wants to move past
. The SEC has unofficially cleared Apple as a company, but declined to mention anything specifically about Jobs.
The Apple board officially said that it will
continue to support Jobs
throughout the scandal.
"Steve Jobs co-operated fully with Apple's independent investigation and with the government's investigation of stock option grants at Apple," the board said in a statement. "We have complete confidence in the conclusions of Apple's independent investigation, and in Steve's integrity and his ability to lead Apple."
Anderson and one other former Apple executive had legal action filed upon them earlier in the week. Anderson has
already filed settlement
with the SEC, agreeing to turn over $3.5 million in fines. In doing so, he neither admitted nor denied any wrongdoing in the 2001 options grant.
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RE: Not a big deal...
4/28/2007 10:05:15 AM
While your sentiment is laudable, in practice, it doesnt work. You cannot hold private business accountable to such methods while at the same time excluding governments from it. And govts (whether yours or other countries) are constantly screwing someone somewhere and USUALLY it's the taxpayer to the benefit of the civil servants.
RE: Not a big deal...
4/29/2007 5:07:28 AM
Ah, that's the rub... governments are NEVER or very rarely taken to task when they try to screw someone because they are the 'almighty government!' But have a person like Steve Jobs or someone even lower down do something wrong..... people are calling for their heads.
My own cousin recently had something happen like this. She qualifies for housing assistance since she has a newborn baby, and the government is trying to screw her for not getting the papers she needed when the civil servant DIDN'T WANT TO GIVE THEM TO HER WHEN SHE ASKED FOR THEM! She said "Come back later when you can pick up the forms for both you AND your boyfriend and fill them out at the same time!"
She did, now they are trying to say that she defrauded the government, though another bigger problem is that they have her listed as starting work a month and a half before she actually did!
"What would I do? I'd shut it down and give the money back to the shareholders." -- Michael Dell, after being asked what to do with Apple Computer in 1997
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