By G.W. Schulz
So let’s get this straight. In 2001, Bay Area-based Apple Computer Inc. gave 7.5 million stock options to its CEO, Steve Jobs. The options were approved by the company’s board of directors at a meeting that never actually happened. The company also now admits that documents related to this imaginary meeting were fudged to make it appear that the necessary board approval had taken place.
The special committee formed by Apple to investigate the matter (which includes Al Gore) says no current member of management was aware of the falsified records. Jobs, the committee insists, was innocent, and as the public is often told during such controversies, the top exec was ignorant of the manipulation.
Steve Jobs sure gets paid a lot of money for a man who’s clueless.
From the Chronicle:
“Apple said Jobs was aware of some instances of backdating and even recommended favorable dates to grant options. But, the company said, Jobs did not financially benefit from these grants and did not understand the accounting implications.”
That’s sort of like arguing that a casino patron who got caught counting cards didn’t make a dime off it and had no idea how badly the hired muscle would kick his ass once they got him outside. He was still counting cards.