04-24-2007, 09:12 PM

Just FYI

Charges

04-24-2007, 10:50 PM

Fred Anderson openly accused Steve Jobs of feeding him false information and being a key player in the backdating, which is in contrast to Jobs claiming no knowledge of the activities. I hate to say it, but CEO claiming no knowledge of a major illegal activity. Sounds familiar.

This has been a very big issue affecting many companies. A professor at my school was the one who uncovered this huge scandal.

04-25-2007, 12:14 AM

Engadget had a blurb from the Wall Street Journal earlier that quoted Anderson.

...According to a statement issued by Mr. Anderson's lawyer via the SEC:

"Fred cautioned Mr. Jobs that the Executive Team grant would have to be priced based on the date of the actual Board agreement or there could be an accounting charge. He further advised Mr. Jobs that the Board would have to confirm its prior approval in a legally satisfactory method. He was told by Mr. Jobs that the Board had given its prior approval and the Board would verify it. Fred relied on these statements by Mr. Jobs and from them concluded the grant was being properly handled. ... It now appears the Board may not have given the necessary prior approval to the grants, contrary to what Mr. Anderson understood from Mr. Jobs"

One wonders what else Anderson is giving the SEC as part of his settlement. The fine and whatnot basically just gives them what he made from his own backdated shares. It's very possible that they gave him this deal with the understanding that he would testify against Jobs and others. Blatant speculation on my part, I know, but Jobs is far from being off the hook on this.

04-25-2007, 09:12 AM

I agree, and I read another article somewhere yesterday (and now I can't recall anything of it for the life of me), that there are more charges and yet another incident evolving.

I have to agree with you about the CEO "not knowing." In my professional opinion, it is the duty of the top dog to know what's going on, and if not to STILL take responsibility regardless.