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AAPL Stock: 99.18 ( -1.57 )

Printed from http://www.macnn.com

Jobs may be implicated in stock issues

updated 01:25 pm EDT, Tue August 15, 2006

Apple CEO still at risk

Apple CEO Steve Jobs remains at risk of criminal charges related to the company's stock option grant irregularities, which the company announced in late June. Apple at one point did not have an independent compensation committee, and shareholders are concerned that Jobs may have been implicated in the options case, according to Macworld UK. Apple elected not to begin expensing stock options until 2004, when the Financial Accounting Standards Board (FASB) insisted that all companies charge options against company profits. "Because stock options are now accounted for as an expense, companies who secretly backdated grants will have been overstating their profits in recent years and may have to pay higher taxes in future years," wrote The Independent.




by MacNN Staff

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  1. bobolicious

    Joined: Dec 1969

    0

    Like he needs...

    ...more money...

  1. Javizun

    Joined: Dec 1969

    0

    wow enron in the making?

    This can destroy apple and their current movement

  1. macmiser

    Joined: Dec 1969

    0

    Really?

    You really think this will "destroy apple"?

    Come on.

  1. sixcolors

    Joined: Dec 1969

    0

    Apple is greddy

    Apple is a bunch of greedy f****. I hope they burn for this.

  1. cameronx

    Joined: Dec 1969

    0

    re: apple is greddy (sic)

    Yeah, MacNN should go ahead and shut down... it's obvious that Apple's not going to make it past next week.

  1. jerryfrit

    Joined: Dec 1969

    0

    Not nearly an "Enron"

    Enron got in trouble by playing a shell game, reporting revenue they really didn't have. Other companies (think Lucent) did this, too...they reported sales figures as income, prior to actually being, um, paid. Then they were holding the bag when their customers went under in the dot com bust--actually DOUBLY so, since many sales were seller-financed.

    This may be a tempest in a teapot, or not. But it's a LONG way from meriting an Enron comparison.

  1. just a poster

    Joined: Dec 1969

    0

    This is total bullshit

    Bill Gates was videotaped lying on the stand under oath about using illegal tactics to handicap competitors and walks around a free man while misspending his money.

    Steve Jobs is being threatened because of some technicality involving repricing of employee options a few cents each way?

  1. jarod

    Joined: Dec 1969

    0

    Jesus man

    Can't believe how many uninformed idiots there are out there. All you morons that think this is the end of Apple, go play elsewhere. This is an adults playground here.

  1. Terrin

    Joined: Dec 1969

    0

    Shame, shame, shame

    just a poster:

    Apple exeutives are not being accused of some technicality. There are real consequences for small time investors, like me, for what they did. Apple will have to pay taxes, and hefty penalities on expenses not reported. Stockholders who actually paid for their stock will suffer the consequences, not the executives who gave themselves options. Apple stock shold be going up, but is being held back because of this mess.

    Moreover, backdating, when not reported to shareholders, is dishonest. The whole reason for options is to give executives an incentive to increase the value of the company for all shareholders. If executives just backdate the options to a day when the stock traded at its lowest, there is no incentive for the executives to do well. I wish I could pick the day after the fact, that I buy stock.

  1. LouZer

    Joined: Dec 1969

    0

    Re: jesus man

    This is an adults playground here.

    What the h*** are you talking about? This is far from an adult playground. Its just a mac-fan-club that derides anyone who dares say one thing close to negative about apple.

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