Spread of options backdating
A future without Jobs is simply too grim to contemplate.Writing in In the 1990s, nobody—officials, opponents, NBA Commissioner David Stern, television announcers—suggested Michael Jordan be called for traveling when he palmed the ball and took an extra step while driving to the basket.Interlocking boards, as they are known, accounted for almost one-fourth of the unconditional probability that a firm would initiate the practice of backdating, added the study, which was authored by Portland State University finance professor John M. Financial Services Law360 UK provides breaking news and analysis on the financial sector.Bizjak, University of Utah finance professor Michael L. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.Apple's 30-year history is divided into three phases: the golden early years in which Jobs and co-founder Steve Wozniak revolutionized the computer industry (1976-1985), the dark ages in which the company floundered after Jobs was ousted (1985-1997), and the glorious restoration (1997-present), in which Jobs ushered in a new golden age, making hip new computers and revolutionizing the music and entertainment industry with the i Pod. Employees love their visionary leader who has spread options throughout the company.Stockholders and analysts love him for delivering stunning returns.But Apple makes clear that Jobs was directly involved in some instances of backdating.The investigation "found that CEO Steve Jobs was aware or recommended the selection of some favorable grant dates." The committee hastens to add that Jobs "did not receive or financially benefit from these grants or appreciate the accounting implications." In other words, he didn't recommend backdating his own option grants.
Law360, New York (January 22, 2007, AM EST) -- A company was more likely to illegally backdate options if it had a director that sat on the board of another company that had already backdated options, according to a recent study.
As Jack Shafer noted in 2005, even the press loves Jobs.
Nobody—no board member, or analyst, or hedge-fund manager, or columnist—will step up to say that Jobs should go.
And he never cashed in those options because they were replaced in 2003 by a grant of restricted stock.
CEOs at other companies have been forced to resign for such activities. His job may be saved by the fact that he did not directly profit.