Backdating stock options steve jobs
In other words, there seem to be an awful lot of people around Steve Jobs who have allegedly had problems linked to the backdating of stock options. Jobs is the prodigal son credited with saving Apple, which he co-founded in 1976 with Steve Wozniak, by turning a then-struggling Silicon Valley icon into a consumer-electronics powerhouse after his triumphant return in 1996.
The turnaround was masterful; in fact, it's now the subject of business-school case studies.
The SEC’s opinions regarding backdating and fraud were primarily due to the various tax rules that apply when issuing “in the money” stock options vs.
"If you are going to put a case against him, you had better be sure it's a strong case." To be sure, regulators have in the past gone after celebrity business leaders.When the matter makes court, Apple’s former general counsel pays .2 to settle the charges that she had backdated stock options for Jobs, herself and others — as well as creating fake paperwork to hide this fact.Stock options are frequently tied into executives’ compensation: giving them the option of purchasing a certain amount of stock at a set price.Today’s “Today in Apple history” is significant, though, because it was one of the big scandals which rocked Apple during its big climb back to the top in the mid-2000s. In the aftermath, Apple spokesman Steve Dowling said: “Following an exhaustive independent investigation, the special committee found no misconduct by Steve Jobs or any other current management.The board has expressed complete confidence in Steve and senior management.” But it did have an impact on how Jobs was viewed.