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But Jobs is unlikely to face any action from the SEC, even though Anderson’s statement is begging for a deeper probe. Ask any attorney who has left the SEC’s enforcement division in the past few years.
They’ll tell you the department is well-intentioned and talented, but criminally understaffed and toothless.
Just so, which midlevel investigator at the Securities and Exchange Commission would have the temerity to recommend to Chairman Christopher Cox that the agency haul the most successful Silicon Valley entrepreneur into court?
Which junior federal prosecutor will recommend indicting the guy who smashed the PC monopoly?
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.
Jobs is Michael Jordan in the 1990s, Citigroup in the 1980s, Walter Cronkite in the 1960s.Consumers adore him for liberating them from the tyranny of expensive CDs and crappy radio.Creative types love Jobs for creating the i Mac, a hipper alternative to the blocky PC.Looking past Apple’s earnings and its stock price, it’s getting harder and harder to pretend that Jobs didn’t violate securities law in the options-backdating scandal facing the company.
The SEC filed civil charges this week against Apple’s former CFO Fred Anderson, who has settled with regulators, and its former general counsel Nancy Heinen.Still, given that (a) backdating helps make earnings look better than they are; and (b) Jobs is a huge shareholder of Apple (10.12 million shares, as of last April), how could he not benefit from this behavior? Jobs recommended some backdating dates for other employees.It turns out that Jobs did, indeed, receive backdated options—just not at his own direction. 18, 2001, when the stock stood at .01, the company gave Jobs a monster 7.5-million-share options grant dated Oct. By doing so, the company gave Jobs million in compensation for which it did not account properly. It also pretended the options grant was approved at a special board meeting, when no such meeting occurred. He received a massive grant that was approved at a phantom board meeting, though he didn't know about the phony meeting.But Apple makes clear that Jobs was directly involved in some instances of backdating.