http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/ Engadget Comments for http://www.engadget.com/media/feedlogo.gif http://www.engadget.com en-us Copyright 2008 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/Apr 24th 2007 2:34PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/Apr 24th 2007 2:36PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/Apple was up 2.79% yesterday and is up 1% again today.]]>Apr 24th 2007 2:37PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/
PS- Jobs is a scumbag. I've known it since day one. All the rumors that he's an asshole. All the suggestions he's a pompous jackass. I'm betting they are all true. And for those zealots who would willingly lay down and let the man walk on you like a carpet because he's the holy one who started Apple. I say get a life.]]>Apr 24th 2007 2:42PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/Apr 25th 2007 11:45AMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/Apr 24th 2007 2:52PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/]]>Apr 24th 2007 2:56PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/Apr 24th 2007 2:59PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/
]]>Apr 24th 2007 3:03PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/
As has been noted numerous time backdating options in neither illegal nor non-GAAP. However, you must account for them properly and place the appropriate charge on the books. Not taking the charge is the illegal part, not backdating.]]>Apr 24th 2007 4:05PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://en.wikipedia.org/wiki/Stop_Snitchin']]>Apr 24th 2007 3:04PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/
Short summary: "Yes I f'ed up but da boss told me it's gonna be allright and I believed it.". No need to write a 10 page essay.]]>Apr 25th 2007 1:37AMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/Apr 24th 2007 3:07PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/Apr 24th 2007 3:22PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/Apr 24th 2007 3:37PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/]]>Apr 24th 2007 4:07PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/
I think you missed the SEC's statement that there will not be further charges against Apple, and that they cooperated fully and met the SEC's concerns.

Heinen has to fight because she can be banned from Corporate Governance, and she can put up a good fight. Fred's statement mentions Jobs, but wholly in accord with Apple's statements and what the SEC already knows. He is only trying to explain himself.

Apple didn't go up because today because things aren't looking good. They went up because the story is basically over.

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20070424:MTFH42349_2007-04-24_18-04-15_WAT007385&type=comktNews&rpc=44]]>Apr 24th 2007 3:41PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/
"With this matter resolved, Fred looks forward to continuing his career as a Founder and Managing Director of Elevation Partners."

In other words, he's going to be just fine kickin' it with Bono and friends]]>Apr 24th 2007 3:43PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/
Nothin' gets me excited like expense recognition!

http://www.biz.uiowa.edu/faculty/elie/backdating.htm]]>Apr 24th 2007 4:23PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/Apr 24th 2007 4:13PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/It's not always that a staffer such as the CFO can push that hard and survive, but he has a responsibility to the BoD and Shareholders to push. Most don't. Actually the BoDs also should have realised that they were being given the Options, for approval, too late, as should the Lawyers and the external Accountants.....Same problem also in the other company Disney bought.....

The whole incident is really silly. As I say it's not necessarilly illegal to grant such backwardations, so long as everyone is prefact on board in writing, especially the BoDs signing off b4 the options are rolled out. So why on earth did Apple (and SJ's other company) decide to go to their respective BoDs for only after the fact written approvals? Perhaps SJ and others thought they might be onn thin ice??? However, the Lawyers and CFO should have informed SJ and others that the option deals could be done with backwardations, provided they were upfront and had a prior BoDs meeting to approve it. Wuld the BoD have objected if presented properly? I doubt it. Seems a lot of people made a simple task verry convoluted for no good reason IMHO.

Now should backwardation of options be allowed? That's an entirely different matter and is a good question. But it's not relevant to Apple's situation of several years ago.]]>Apr 24th 2007 5:19PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/Apr 24th 2007 7:03PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/Apr 24th 2007 8:43PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/Apr 25th 2007 12:23AMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/

http://www.nytimes.com/2007/04/25/technology/25apple.html?ex=1335153600&en=c5f0bab9c91bb4b0&ei=5090&partner=rssuserland&emc=rss]]>Apr 25th 2007 11:31AMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/
While certainly Engadget is a great service for gadget news, perhaps when it comes to financial news, people would be better served by getting their information from a more traditional and reputable source:

http://www.nytimes.com/2007/04/25/technology/25apple.html?_r=1&oref=slogin

Seems like the bias of Engadget and the conclusions drawn by most of the peeps commenting on this thread are out of whack with reality. Just saying. ]]>Apr 25th 2007 12:25PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/Apr 25th 2007 2:30PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/Apr 25th 2007 9:54PMhttp://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/http://www.engadget.com/2007/04/24/former-apple-cfo-publicly-blames-jobs-for-stock-options-scandal/Apr 28th 2007 4:12PM