Is backdating stock options ethical under 16 dating
This apparently violates a whole bunch of SEC rules.
Heinen also exercised and sold 400,000 back-dated shares.
Or that an investigation by Disney into options backdating at Pixar also cleared Jobs of any wrongdoing, even though he helped negotiate the deal in which Pixar's star film director, John Lasseter, received backdated options.
The bottom line: Claims that Jobs was unaware of the accounting implications of backdating are hardly believable, but there was no evidence to the contrary.
If you cover it up and fail to report that expense, the way Apple's folks allegedly did, well, that amounts to accounting fraud.
While a few of those 38 terminations may turn out to be the result of such activity, it's likely that the vast majority fell on their swords to avoid sullying the good names of their companies.
Dozens of companies are under investigation by the Securities and Exchange Commission for backdating stock options.
The typical practice was to record a felicitously timed prior date as the grant date, such as the point when the stock had been at its lowest in recent months, instead of the date when the award was actually granted.
That seemed like a contradiction to me, but whatever.
And, he did not directly benefit from the backdated options because they were canceled and exchanged for restricted shares.
Worst case, it happened on Jobs' watch, but he was far enough removed from the action to claim plausible deniability. Broadcom and others fingered the CEO, but that just shows how subjective this issue is.
Never mind that Anderson, in a press release, claimed to have informed Jobs of the accounting implications of backdating options in 2001.
Or that Jobs gave up his outstanding options, which were "underwater," in exchange for 5 million restricted shares in 2003.
I count no fewer than 38 top executives at 19 high-tech companies that have bit the dust over this stuff.