Rotten Apple

Good news – Apple CEO Steve Jobs is being questioned as part of investigations into the backdating of stock options at some of Silicon Valley’s largest tech firms.

But why has Jobs kept his job for so long – when an Apple internal investigation has already found his options were backdated and company records falsified to cover his tracks?

Company enquiries discovered a 2001 meeting at which the Apple boss was awarded 7.5 million stock options had never taken place. Backdating options to this date added $20 million to Jobs’ shares instantly.

Despite these findings, the Apple investigating committee – chaired by former US vice-president Al Gore – cleared their boss of any wrongdoing.

Right. So a CEO can lie to regulators and profit at the expense of shareholders? Little change there then.

John Russell, deputy editor

1 Comment

  1. I think you really need to wait on the final results from the SEC before launching into such a conclusive post about Jobs.

    If he’s done wrong he needs to go, but it’s been proven those original shares were cancelled and Jobs didn’t profit from them.

    Two senior Apple executives have lost their jobs over this matter already, although it remains to be seen if they were fallguys. However, I do very much doubt that even the mystical Apple CEO would escape the punishment of an official federal investigation that found him guilty of wrongdoing.

    As yet that conclusion has yet to be reached.

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