There are lots of details on what exactly happened, with Jobs surrendering the options, getting a grant of restricted stock, backdating authorizations, etc., that the SEC is reviewing at this time. Apple earlier conducted an internal investigation and found no misconduct by any member of the management team, but there were some concerns raised.
The real question is why were procedures not properly followed, i.e., were these steps taken to maximize profits, or did someone just really screw up?
Read more at MacNN.
USER COMMENTS 2 comment(s)
|Scew up? (1:10pm EST Thu Dec 28 2006)
“Ooops, I accidently issued myself 7 Million options today, and then accidently forged notes of a Board of Directors meeting (in which thos options were ratified) that didn't happen.”
How is this anything less than fraud? I understand why Jobs hired his own attorney. From the early press reports, it looks like another example of corporate greed and an illustration of “Power Corrupts” – by Hodar
|no way… (9:19pm EST Thu Dec 28 2006)
“…looks like another example of corporate greed and an illustration of “Power Corrupts””
No way. Steve Jobs is a kind and caring Democrat. He would never do that. – by ToeKnee