The U.S. Attorney’s Office for the Northern District of California is investigating the stock options backdating activities of computer and consumer electronics manufacturer Apple. The federal action comes in the wake of the disclosure by Apple last month that it completed an internal investigation of options backdating and concluded that, although Apple chief executive officer Steve Jobs recommended some backdating of stock options for himself and other Apple employees, he wasn’t aware of the accounting implications of those recommendations. Luke Macaulay, a spokesman for the U.S. Attorney’s Office in San Francisco, confirmed the existence of the investigation, but did not provide additional details.
Either that or create new laws allowing Jobs to “claim ignorance” next time he runs over an orphan’s kitten.
Now on a personal note:
Why didn’t the policeman let me off for speeding when I said “Oh, that’s what those numbers mean?”
or
Why didn’t store security give me a break when I said “Oh, you have to pay for these?”
etc etc…
…to be concluded
In the end it doesn’t matter. Jobs never personally benefited from the options given. They were retracted later.
I don’t think that you have to necessarily benefit from a crime, to be punished for it.
Didn’t he exchange them for a different sort of grant? Not hand them in? The difference is, if he handed them in on the grounds that they shouldn’t have been granted, he did not benefit.
If he exchanged them, accepting their value, for something different which recognized that value, then he did benefit.
http://www.law.com/jsp/ca/PubArticleCA.jsp?id=1167991338429
has more food for thought about this. Who would have had to know what, and when, is the question. Its going to get very messy, this one.
“In the end it doesn’t matter. Jobs never personally benefited from the options given.”
That’s rather irrelevant.
So if I kill at random and don’t benfit from it personally, I shouldn’t get in any trouble?
they must smell blood, money or both.
So it’s only a crime if you don’t get caught?
“In the end it doesn’t matter. Jobs never personally benefited from the options given. They were retracted later.”
Neither Did Martha Stewart but they still convicted and incarcerated her.
Two wrongs don’t make a right.
Prison doesn’t reform. I’m just waiting for Billy boy to actually be thrown into prison for his crap. LOL.
insider trading and this options backdating issue are NOT in the same ball park!!!! the only similarities that these two situations have is that they both involve well known business personalities…
‘Neither Did Martha Stewart but they still convicted and incarcerated her.’
Martha Stewart was convicted on four counts of lying to investigators and obstruction of justice, not the initial share dealing.
No offense meant here but can they do something else then trow them in prisons … Seriously Fraud for millions get 2 – 3 years in prison come out and you made interest on the money you stolen.
Prison are not free for starter it cost around a thousand dollars per week to society per prisoner. Prison are also school for crook and gangs they learn how to do worst then what they got in , because they got time to think and discuss there future crimes.
Now if you want something that’s going to annoy them and make me happy , take the amount of the fraud , multiply it by 20 , charge that to them every year for the next ten year and make them face an IRS investigation every year for the same ten years.
You also charge the company where it happened the same amount for the next five years so that the shareholders make sure too that they don’t allow there Manager to do it either.
Or removal from being CEO or Chairman or manager on any board of a any company if you do so.
just my 2 cents on this
It all have to go by the book, otherwise be punished!!!