Discussion in 'Article Discussion' started by Da Dego, 28 Dec 2006.
i cant see jobs leaving. he is apple to all intents and purposes
Backdating options is legal, however it has to be accounted for in the earnings statements. All of this is relatively new law since the Enron mess and so a LOT of comapnies are struggling with compliance. I wouldn't get too worked up about it.
I doubt much will come of this, just another case of media speculation > actual facts
i would have also have to say that Steve would not leave apple however right now its anyone's guess. I'm not going to assume anything until this whole thing is done with and the facts are laid out in full (might never happen) still i think that its something I'm not surprised about. i have never felt good about apple's business practices anyway. its nice to see the US government agrees with me on some of those terms. this is one case im going to be watching very closely.
This is very old news... since July in fact!
It's no biggie, Jobs is staying, external Board of Directors have full confidence in him and Apple is one in a couple hundred companies under the spotlight for backdating.
The SEC is unlikely to pursue via the criminal courts since there are so many companies under review.
All-in-all, this news accounts in size to a fly on a bulls back.
Well, actually J-Pepper, the reason I bring it up now is because it's back in the business pages - but this time in the headlines. NOW is the time that Apple will actually have to restate its earnings, which means it's the first time that many stockholders and the markets-at-large will ever have a true understanding of what happened.
With all the corporate malfeasance, bad board members, company theft, etc., Wall Street is getting to have a knack for punishing companies that don't sack a CEO when things like this go down. Just like the masses at an execution, someone's head is supposed to roll for the impropriety - and it often has to be the biggest, not the guiltiest.
And if there's one thing that's totally mob-like - unpredictable, messy, and often very pushy -it's the forces of the Stock Exchanges...
Well.. they have restated earnings to the iTune of $84 million (did you see what I did there? )
Steve Jobs has been independently cleared of any wrong doing as he didn't benefit from these schemes and the external board, chaired by people such as Al Gore all give Steve Jobs the thumbs up.
With this news, the Apple stocks this morning is currently up 5% on this news. It's not bad news, it's a good end to a bad story perhaps but not one that will have any sort of detrimental effect on the fundamentals of the company.
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