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by Tom Krazit
April 24, 2008 11:22 AM PDT
Apple faces a new lawsuit filed by shareholders angry over its stock option backdating practices. Several shareholder suits have already been filed, but the latest one comes from the Boston Retirement Board, according to Andrews Publications over at Findlaw. This group claims to have “confidential information” regarding Apple’s stock option backdating obtained through an inquiry via the Santa Clara County Superior Court, according to the article.
However, it says it can’t publish that information until a judge rules on how to treat the sensitive documents.
I can understand the concept of Apple and Big Wig CEO’s taking money within corporations, because they can. But things are a little different at Apple. Job’s is motivated by other things, not money for himself.
If they find something, it will be a real surprise. When someone says they have private dangerous information, this is a kind of extortion scheme. Also, there are other factors at play. MANY financial groups, like fund houses, and financial services groups are trying to make money for the losing battle with housing funds. Also, people get petty – ESPECIALLY in Silicon Valley. At the corporate Board level. There COULD be quiet money – a silent motivating party – that is pushing for this, for the sake of bad PR. It could even be Balmer or someone that could not get hired at Apple and is sore about it.
So to jump to a conclusion that Jobs is messing around with his stock options is kind of strange. He made HUGE amounts of money when Pixar went public. He made huge amounts when coming back – in stock options, he made huge amounts and bonuses yearly. So I cannot understand why he would spend time trying to make a few million more more when his current net worth is over $3 Billion?
It does not make sense that he is just grabbing at a few million. A guy that turns around a company and makes it more and more profitable is not spending time pulling a Carly Fiorina move – wherein she spent all her time getting kick backs while running HP, for dividing up the company into small sub-companies. While in office, as board members asked her for more information, she never gave it to them. That is NOT turning a company around, for the sake of the company and share holders. It was for her own gain. Making commissions while wrecking a company.
I am not saying she is wrong, here. This does not really fall out of the realm of business ethics. I am only saying that she did not turn the company around and does not have a history of rebuilding a company like Jobs.
Be careful what you get sucked into by the media. Often it is filled with incorrect information and they will never report the actual circumstances. Be critical.