But as yet another executive who was once close to Jobs comes under the backdating cloud, one has to wonder: Is Jobs as innocent as Apple Inc. Or is the government afraid to go after one of the most respected leaders of American business? You can put him up there with Bill Gates and Warren Buffett," said Peter Henning, a professor who studies white-collar crime at Wayne State University in Detroit and one of the few legal scholars still paying attention to stock-options backdating.
"If you are going to put a case against him, you had better be sure it's a strong case." To be sure, regulators have in the past gone after celebrity business leaders.
CUPERTINO, California — October 4, 2006 — Apple® today announced that the special committee of its board of directors has reported its findings after a three month investigation into Apple’s stock option practices.
The special committee of outside directors, together with independent counsel and accountants, examined more than 650,000 emails and documents, and conducted interviews with more than 40 current and former employees, directors and advisors.
Management continues to believe, and the audit committee agrees, that Apple will likely need to restate its historical financial statements to record non-cash charges for compensation expense relating to past stock option grants.On March 18, 2008, Steve Jobs was deposed by the SEC during its investigation of Apple’s stock option backdating scandal. And when you say you failed, is it that you didn’t find anyone that you thought would be suitable to take on the role? The deposition was never made public until Forbes published it on Friday, after obtaining it through a Freedom of Information Act request. While he was taking care of his top lieutenants by trying ti “surprise and delight them with what a career at Apple could be”, he was “hurt” that Apple’s board didn’t do the same for him. So he had to have a little talk with them about swapping his 20 million then-underwater options for 7.5 million new ones, which they did. I was trying to help Apple by getting some of the Ne XT people into some jobs where they could help Apple, and that’s pretty much all I was doing.