"Fred cautioned Mr. Jobs that the Executive Team grant would have to be priced based on the date of the actual Board agreement or there could be an accounting charge. He further advised Mr. Jobs that the Board would have to confirm its prior approval in a legally satisfactory method. He was told by Mr. Jobs that the Board had given its prior approval and the Board would verify it. Fred relied on these statements by Mr. Jobs and from them concluded the grant was being properly handled. ... It now appears the Board may not have given the necessary prior approval to the grants, contrary to what Mr. Anderson understood from Mr. Jobs"
This statement was issued after Anderson was ordered by the SEC to return $3.5 million dollars in stock options and also fork over a $150,000 fine for his part in the whole mess. On the flipside, former Apple general counsel Nancy Heinen seems intent on going down with guns blazing: from what we can tell, she has no plans on settling so easily. The SEC charged her for her participating in a scheme that caused Apple to under-report its expenses by almost $40 million, and it looks like she's going to court like the high-powered attorney she is. Things are not looking good Cupertino way -- could this mark the beginning of the end of the Jobs-led Apple corporate structure as we know it? Only time will tell, but we'll keep you updated. [Warning: link requires subscription]