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August 15, 2006

business

Steve could face criminal charges

Posted Aug. 15, ’06, 2:09 PM PT by Scott Silverman
Category | Business

Jobs holds billThe problems of Apple’s stock option irregularities are certainly no where near resolved. As Dan wrote yesterday, the NASDAQ has threatened to remove Apple from the exchange. As Macworld UK writes today, Jobs could potentially face criminal charges in the stock options “scandal:”

Because Apple at one point did not have an independent compensation committee, Apple’s board of directors - including Apple CEO Steve Jobs - may have been implicated in the granting of dodgy stock.

Shareholders now are concerned that Jobs - who faces similar concerns at Pixar - may have been implicated in the options debacle. This could see him called to answer questions at the Securities and Exchange Commission (SEC), the US regulator.

Jobs has been a frequent advocate for granting stock options to Apple’s management. After a flurry of stock sales by Apple executives in 2002, Jobs said: “A major part of Apple’s senior management compensation is based on stock options. It’s great to see some members of our management team get rewarded for their incredibly hard work by selling a bit of their stock.”

Some firms implicated in the emerging US board room scandal have seen senior executives resign, or face criminal charges.

Let’s certainly hope that last part doesn’t apply to Apple. I have a feeling more huff and fluff is being created over this issue than is necessary, and the threat of Jobs resigning or facing criminal charges is a small one, but it’s still a big scare for everyone’s favorite computer company.


5 Comments

macnuke said:

Steve needs to pass out more iPods.
it's worked before ;)

August 15, 2006 5:13 PM
Lawrence Krupp said:

"I have a feeling more huff and fluff is being created over this issue than is necessary,"

But you chose the FUD headline to your blog piece just to get clicks. That's ok I guess.

August 15, 2006 6:15 PM
Clark Thomas said:

Steve's best gambit is to find some global disease to throw money at.

August 15, 2006 8:32 PM
Scott Silverman Author Profile Page said:
But you chose the FUD headline to your blog piece just to get clicks. That's ok I guess.
What would you rather have me call it: "Steve just possibly might face criminal charges, but don't click here, because it isn't worth your time"?

Please, if you have any other ideas let me know. I'd love to have some alternative titles for people who think the world revolves around clicks.

August 16, 2006 1:14 AM
Andre said:

Steve Jobs co-founded Apple Computer Corporation and became a multimillionaire before the age of 30. In 1986 he co-founded Pixar Animation Studious which has won 20 Academy awards. Did you know that in 2006 Pixar merged with Walt Disney Company?

August 22, 2006 12:20 PM

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