SEC charges, settles with RIM executives over backdating issue
By Donald Melanson 
posted February 18th 2009 4:23PM
posted February 18th 2009 4:23PM
Well, it looks like RIM's top executives weren't about to get off the hook after just paying a little fine to the Ontario Securities Commission over that backdated stock options issue, as the US Securities and Exchange Commission is now getting on the act with some charges of its own. In a bit of a twist, however, the SEC has simultaneously announced that it has already reached a settlement with the four top RIM executives in question (co-CEOs Balsillie and Lazaridis, plus Chief Operating Officer Dennis Kavelman and former vice president of finance Angelo Loberto), who have agreed to pay $1.4 million in fines and give back the more than $800,000 they made in profits. No more shakeups on the board, it seems, although there's only so many times you can step down from your position before you start to look silly.
Are those break dance poses? They about to battle yo!
We all know karma catches up to executives that backdate options and get off scott free ala Steve Jobs.
Every time I see that picture I think of the "Men On..." segments from "In Living Color". Such jaunty little hats...
Now that they've been cleared I guess we can salute them with a special "get out of prison and shake your free booty" snap, and we won't have "Men on Incarceration" segment to look forward to...
The punishment doesn't fit the f***ing crime as usual with these old white guys (and I'm a white guy)... What happens if you or I go and screw with the date on a check? Or mess with the dates on a CD and manage a profit? Hell, even that would get more punishment than simply paying back the difference and some fines. This will continue because the reqard for cheating everyone is huge. The penalty if you get caught is laughable. Why wouldn't a millionaire try and screw the system?