Posted on 04/24/2007 11:43:19 AM PDT by The_Victor
SAN FRANCISCO (MarketWatch) - Two former Apple Inc. executives were charged with backdating stock options by the Securities and Exchange Commission on Tuesday, though one is looking to shift some blame back on company founder Steve Jobs. The SEC filed charges against former Apple chief financial officer Fred Anderson and former general counsel Nancy Heinen.
At the same time, the agency said it reached a settlement with Anderson, who did not admit to or deny guilt and agreed to pay approximately $3.5 million in disgorgement of "ill-gotten gains" resulting from the backdating of options in early 2001.
Through his attorney, the 62-year-old Anderson issued his own statement on the matter, saying that he warned Jobs in late January of that year that the options grant in question would need to be priced based on the date of the actual agreement from the board of directors.
Jerome Roth, Anderson's attorney, said Jobs had assured Anderson that the board had given prior approval of the options grant.
Anderson now believes that the Apple board may not have given the necessary prior approval to the grants issued in February 2001, "contrary to what Anderson understood from Mr. Jobs, and from the board," according to the statement.
The SEC also accused former general counsel Nancy Heinen of backdating two rounds of stock options granted to Apple's top officers, which subsequently forced the company to underreport its expenses by nearly $40 million.
(Excerpt) Read more at marketwatch.com ...
Steven Jobs is a pathetic human being.
Seems pretty ripe for a parody of those Mac Vs. PC commercials.
Thing is, though - Steve never exercised those stock *options*. He simply didn’t care about them, and he never used them, so he didn’t profit from them. They might as well have never existed.
The SEC only cares if you gained from a transaction - that is the litmus test.
“Steven Jobs is a pathetic human being.”
No more pathetic than Bill Gates (The man who wants to dominate how you access information, and what information you have access too, because information is Power and Money).
Have you known him long? How is he to be around in person?
“The SEC only cares if you gained from a transaction - that is the litmus test.”
Yep.
“Steven Jobs is a pathetic human being.”
“No more pathetic than Bill Gates (The man who wants to dominate how you access information, and what information you have access too, because information is Power and Money).”
Okay...(chuckle)
didn’t realize my observation would being a competition, but Okay....
Compared to whom?
How do you rate next to him on the single criteria of value creation in a single company?
Apple’s market cap is $81.09 Billion.
After you top that, we can compare your second job with his. Pixar sold for $7.4 billion.
“Compared to whom?”
I hadn’t considered comparing him to anybody. Why would I?
Being successful doesn't make him a good human being. Doesn't make him a bad one either.
lol
“I bet you are looking the easy button right now....
lol”
No, I just figure I’m looking at a few posters using a Mac....(chuckle)
Pitiful. Apparently, a net worth of $300 million wasn’t enough for Jobs. He needed $400 million.
Calling him pathetic is inescapably an comparison to someone who is not pathetic.
In what sense is he pathetic? You don’t say. What’s up with that?
“Calling him pathetic is inescapably an comparison to someone who is not pathetic.”
So, am I in violation of correct use of the english language? Is there a penalty to be assessed?
Are you the guy playing ‘PC’ in the Mac commercials?
(chuckle)
Sheesh, everything I’ve read about the guy gave me the view he’s pathetic. Sorry if you take exception to my opinion of the man, or how I choose to phrase it.
Knowledge is power. Who controls the flow of information controls everything else.
According to this, http://www.forbes.com/lists/2006/10/HEDB.html, his net worth is $4.4 billion.
His salary is $1 per year, and has been for several years. They have lavishly compensated him with non-salary compensation, like a G-IV airplane, but if he was trying to loot the company he would take more in salary and would have exercised the options.
Yes, you used the language incorrectly. And your position - and the refusal to state any basis for it - is offensive to manners and logic.
But too much has been made of it already. Time to move on.
Regards,
Yep, time to move on.
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