In the end, the Apple stock backdating scandal did not get pinned on Jobs.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.That resulted in Apple missing the deadlines for filing the proper information with the SEC and its auditors. Ultimately, it seems Jobs swapped these options for restricted stock of lesser value.Today’s “Today in Apple history” is significant, though, because it was one of the big scandals that rocked Apple during its big climb back to the top in the mid-2000s.That can mean a nice bonus if the company increased in value.
Which junior federal prosecutor will recommend indicting the guy who smashed the PC monopoly?
have led to the resignation of dozens of top executives and investigations by the Securities and Exchange Commission and federal prosecutors. 29, Apple discussed the report and accounted for the impact of the earnings restatements in its 10-Q.
But the options scandal has never touched a more exciting company than Apple or a more thrilling executive than Jobs. In June 2006, a special committee of Apple outside directors, chaired by former Vice President Al Gore, hired its own attorneys to investigate options backdating at the company. It turns out there were literally thousands of examples of backdating at Apple—6,428 options grants on 42 dates over a period of several years.
Apple's 30-year history is divided into three phases: the golden early years in which Jobs and co-founder Steve Wozniak revolutionized the computer industry (1976-1985), the dark ages in which the company floundered after Jobs was ousted (1985-1997), and the glorious restoration (1997-present), in which Jobs ushered in a new golden age, making hip new computers and revolutionizing the music and entertainment industry with the i Pod. Employees love their visionary leader who has spread options throughout the company.
Stockholders and analysts love him for delivering stunning returns.
More likely, though, he's been saved by his special status.