Tuesday, April 24, 2007

What, Me Worry

According to the Journal the SEC has determined that two Apple employees decided to backdate Steve Jobs' stock options all on their own.

"Apple Inc.'s former chief financial officer Fred Anderson has settled with the Securities and Exchange Commission on his alleged participation in the backdating of stock options at the computer maker and the agency is expected to pursue a civil lawsuit against the company's ex-general counsel Nancy Heinen on similar charges, according to people familiar with the matter.

Ms. Heinen, who will be accused of helping to manipulate one of her own option awards as well as a grant to Steve Jobs, the company's chief executive, plans to contest the charges, these people say."

In fact Jobs didn't notice, although he did "suggest favorable dates"

"In December, after the completion of its internal probe, Apple cleared Mr. Jobs of any misconduct, saying he was unaware of the accounting implications of backdated grants and didn't financially benefit from them because he never exercised his options. The company did say, however, that Mr. Jobs recommended "favorable" dates for some stock-option awards."

Right.

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