Backdating options steve jobs

Seems to me what he really did with his options was probably legal - and incredibly dumb for a guy who was making Apple one of the all-time great business turnarounds and America's seventh-most admired company.

The great seer of tech trends had no idea what was coming - indeed, no idea how much his company, or he himself, was really worth.

Unlike the abusive corporate tax shelter ploys which often involve complex manipulation of a transaction to achieve tax results that are inconsistent with the economic reality of the deal, stock option backdating is a relatively crude device: A corporation merely changes the date that a stock option was actually granted to an earlier time when the stock price was lower.

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As a consequence, the option is immediately profitable, or “in the money,” to the option holder.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.Law firms blow a lot of rhetorical hot air affirming their commitment to achieving gender diversity in the workplace.Yet, despite some isolated efforts to hire and retain more female attorneys and promote more women into partnership, little tangible progress has been made to improve the position of women in the profession…If the stock increased to a share, the holder could exercise the option, pay /share to acquire the stock, then turn around and sell it for /share, earning

As a consequence, the option is immediately profitable, or “in the money,” to the option holder.

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.

Law firms blow a lot of rhetorical hot air affirming their commitment to achieving gender diversity in the workplace.

Yet, despite some isolated efforts to hire and retain more female attorneys and promote more women into partnership, little tangible progress has been made to improve the position of women in the profession…

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As a consequence, the option is immediately profitable, or “in the money,” to the option holder.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.Law firms blow a lot of rhetorical hot air affirming their commitment to achieving gender diversity in the workplace.Yet, despite some isolated efforts to hire and retain more female attorneys and promote more women into partnership, little tangible progress has been made to improve the position of women in the profession…If the stock increased to $11 a share, the holder could exercise the option, pay $10/share to acquire the stock, then turn around and sell it for $11/share, earning $1/share in profit ($1,000 in total).

/share in profit (

As a consequence, the option is immediately profitable, or “in the money,” to the option holder.

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.

Law firms blow a lot of rhetorical hot air affirming their commitment to achieving gender diversity in the workplace.

Yet, despite some isolated efforts to hire and retain more female attorneys and promote more women into partnership, little tangible progress has been made to improve the position of women in the profession…

||

As a consequence, the option is immediately profitable, or “in the money,” to the option holder.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.Law firms blow a lot of rhetorical hot air affirming their commitment to achieving gender diversity in the workplace.Yet, despite some isolated efforts to hire and retain more female attorneys and promote more women into partnership, little tangible progress has been made to improve the position of women in the profession…If the stock increased to $11 a share, the holder could exercise the option, pay $10/share to acquire the stock, then turn around and sell it for $11/share, earning $1/share in profit ($1,000 in total).

,000 in total).

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