main

No Charges for Apple in Stock Probe

Bezhou Feng   on 10 July 2008 - 21:23 · 21 comments & 6905 views

Advertisement (Why?)
In a statement today, lawyers from the the U.S. Justice Department announced they would not file charges against Apple Inc., CEO Steve Jobs, and other current or former executives in a probe of backdated employee stock options. The U.S. Securities and Exchange Commission had previously launched an investigation for backdating options grants to Jobs, but Apple's own probe found no wrongdoing by Jobs or current management, and the SEC later cleared the company after it cooperated with the investigation.

"There was never any basis to bring charges against Nancy, so it is no surprise that the government reached this conclusion," said Cristina Arguedas, the laywer of Nancy Heinen, Apple's former General Counsel. "We were always confident that after a full and fair review of the facts there could be no other outcome." A spokesman for Apple declined to comment.

View: Full Story at Reuters

Post a comment · Send to friend Comments · There are 21 additional comments
(1 reply) #1 C_Guy on 10 Jul 2008 - 21:44
"A spokesman for Apple declined to comment."

They always do.
#1.1 excalpius on 11 Jul 2008 - 09:20
...as he broke out the champagne and cashed the fat bonus check with Steve's signature on it.
(8 replies) #2 theyarecomingforyou on 10 Jul 2008 - 21:52
The SEC case relies on testimony from a lower-ranking former Apple lawyer, Wendy Howell, who testified she was asked by Heinen to falsify minutes of meetings of Apple's board of directors that never took place.

So basically it was because they didn't have enough evidence, rather than there being no wrongdoing.
#2.1 LTD on 10 Jul 2008 - 22:30
Which of course could also imply that there was no wrongdoing to begin with. Evidence for something that never happened is often pretty scarce.
#2.2 +Kushan on 10 Jul 2008 - 23:20
(LTD said @ #2.1)
Evidence for something that never happened is often pretty scarce.


What about the bible?















....I kid, I kid!
#2.3 Airlink on 11 Jul 2008 - 00:41
(Kushan said @ #2.2)
(LTD said @ #2.1)
Evidence for something that never happened is often pretty scarce.


What about the bible?

....I kid, I kid!

Oh, you mean the thing the Flying Spaghetti Monster wrote as a hoax?
#2.4 theyarecomingforyou on 11 Jul 2008 - 00:42
Of course, that's definitely a possibility that there was no wrongdoing. However, the woman making the claim wasn't found to have lied and Apple weren't found innocent. We can't know for sure but it definitely strikes me as dodgy, not least because Jobs is also on the board of directors at Disney where the same thing happened.
#2.5 cardg on 11 Jul 2008 - 04:10
(Kushan said @ #2.2)
(LTD said @ #2.1)
Evidence for something that never happened is often pretty scarce.


What about the bible?















....I kid, I kid!



LOL!
VERY VERY GOOD ONE!

And about the guy who talked about the monster... studiyng about Eusebius of Caesarea, Gregorius Magnum, and even non-christian sources about Constantinus will answer about the name of the hoax-creators (and updaters, we must not forget the many updates, lol)
#2.6 excalpius on 11 Jul 2008 - 09:18
Actually, HUNDREDS of companies were backdating stock options throughout the early part of this decade. It was corporate graft pure and simple and was not pursued aggressively by the SEC as it conflicted with the Bushco administration's (who calls the shots for all of their politically appointed agency heads now) pro business agenda.

After all, the only people getting hurt were the millions of little investors who weren't in on the scams...nothing for this administration to worry about.
#2.7 +Smigit on 11 Jul 2008 - 09:54
(excalpius said @ #2.6)
Actually, HUNDREDS of companies were backdating stock options throughout the early part of this decade. It was corporate graft pure and simple and was not pursued aggressively by the SEC as it conflicted with the Bushco administration's (who calls the shots for all of their politically appointed agency heads now) pro business agenda.
I don't know much on the issue, but as far as I'm aware Backdating is purely legal and the issue was how Apple went about it not that they did it. I thought the issue was they (supposedly) didn't do it via the right channels.
#2.8 excalpius on 11 Jul 2008 - 22:04
Backdating has NEVER been legal. It's FRAUD. Always has been. After all, what contract or legal document have you ever seen where it was legal to change the signing date to an earlier date to (mis)represent that events that actually happened today are now claimed to have happened months ago? Ahem.

The SEC investigates and regulates it since it is a securities violation.

Remember when the SEC was feared because it was impartial and incorruptible and free of political influence peddling?

I do.
(9 replies) #3 portauthority on 10 Jul 2008 - 22:02
SEC would become public enemy #1 if they went after Apple, wise of them to pull out
#3.1 Digitalfox on 10 Jul 2008 - 23:54
(portauthority said @ #3)
SEC would become public enemy #1 if they went after Apple, wise of them to pull out


Why??

Apple is just like any other company, who must obey the law
#3.2 simon360 on 11 Jul 2008 - 00:28
I don't think the SEC cares what people think about them, tbh. And most people don't care enough about Apple to hate them for it.
#3.3 Airlink on 11 Jul 2008 - 00:47
Holy crap, "Portauthourity": That's blind faith in Apple if I ever saw it. Worship iSteve much?
I mean, sure: Apple's a big corporation and they can get away with a lot of crap, but ever since the ENRON fiasco, the SEC don't dick around anymore. If they had anything on Apple, they'd go forward with it, plain and simple.
#3.4 excalpius on 11 Jul 2008 - 02:40
Airlink, not under this administration.

You forget that this administration replaced everyone at the head (top three levels) of every government agency with politically appointed stooges back in 2000. Normally, a new administration just replaces the (figure)head of each agency as an administration political liason.

But, thanks to Bushco, every single agency works entirely politically now. That is why FEMA can't help with disasters, the FDA can't track bad tomatoes, etc. etc. All of our government agencies are now filled with political hacks placed there to pursue whatever political agenda the White House decides it wants to.

So, in the past, you'd be 100% correct. But today, the truth is that Apple committed huge SEC crimes by egregious and widespread backdated of options but they've bought their way out of being held accountable thanks to Bushco.

#3.5 RAID 0 on 11 Jul 2008 - 06:20
(excalpius said @ #3.4)
Airlink, not under this administration.

You forget that this administration replaced everyone at the head (top three levels) of every government agency with politically appointed stooges back in 2000. Normally, a new administration just replaces the (figure)head of each agency as an administration political liason.

But, thanks to Bushco, every single agency works entirely politically now. That is why FEMA can't help with disasters, the FDA can't track bad tomatoes, etc. etc. All of our government agencies are now filled with political hacks placed there to pursue whatever political agenda the White House decides it wants to.

So, in the past, you'd be 100% correct. But today, the truth is that Apple committed huge SEC crimes by egregious and widespread backdated of options but they've bought their way out of being held accountable thanks to Bushco.


So, let me get this straight..... you're blaming BUSH, or siting him as the reason Apple was let off the hook? That's a new one. Really bro, you need to seek some professional help.
#3.6 excalpius on 11 Jul 2008 - 09:13
Actually, you should read (and think) more before you try to challenge my CITING of the facts...

Please research how the SEC has handled all of the stock swindles, etc. of the past 7 1/2 years. Why the attorneys were fired from the DoJ when they refused to act on orders to investigate only Democratic candidates instead of all cases where actual evidence of wrongdoing existed, why the White House was filled with 150 unqualified "lawyers" who graduated from the lowest rated law school in the nation (aka Praise Jesus University) etc. etc.

I'm showing you how all of the agency malfeasance and incompetence of the past 7 1/2 years is directly connected to the fact that there is no longer anyone qualified in charge of ANY currently standing government agency. Anyone who knew how to do their job for the past 20-30 years was SACKED and replaced with unqualified political hacks and friends of the President...like good old Brownie.

So, yes, I'm saying that, like Enron, or the fact that prosecution of Microsoft varies based on who is in the White House, etc. etc. - all of this is directly tied to the pro business agenda of the current White House. And is being executed by their unprecedented levels of replacement appointees.

If you don't think this administration didn't "decide internally" whether or not to pursue Apple's stock swindle, then I'm betting you also believe that those ridiculous recent Supreme Court decisions were arrived at by completely impartial jurists doing their best to uphold the letter and spirit of the Constitution.

Your obvious naiveté in how the world REALLY works is the issue here..."bro."
#3.7 nmesisca on 11 Jul 2008 - 12:14
(excalpius said @ #3.6)
Actually, you should read (and think) more before you try to challenge my CITING of the facts...

Please research how the SEC has handled all of the stock swindles, etc. of the past 7 1/2 years. Why the attorneys were fired from the DoJ when they refused to act on orders to investigate only Democratic candidates instead of all cases where actual evidence of wrongdoing existed, why the White House was filled with 150 unqualified "lawyers" who graduated from the lowest rated law school in the nation (aka Praise Jesus University) etc. etc.

I'm showing you how all of the agency malfeasance and incompetence of the past 7 1/2 years is directly connected to the fact that there is no longer anyone qualified in charge of ANY currently standing government agency. Anyone who knew how to do their job for the past 20-30 years was SACKED and replaced with unqualified political hacks and friends of the President...like good old Brownie.

So, yes, I'm saying that, like Enron, or the fact that prosecution of Microsoft varies based on who is in the White House, etc. etc. - all of this is directly tied to the pro business agenda of the current White House. And is being executed by their unprecedented levels of replacement appointees.

If you don't think this administration didn't "decide internally" whether or not to pursue Apple's stock swindle, then I'm betting you also believe that those ridiculous recent Supreme Court decisions were arrived at by completely impartial jurists doing their best to uphold the letter and spirit of the Constitution.

Your obvious naiveté in how the world REALLY works is the issue here..."bro."


+1
#3.8 Burst404 on 11 Jul 2008 - 15:54
(excalpius said @ #3.6)
A really long post, see above.


I think that's what we, in the industry, call OWNED.

+1
#3.9 excalpius on 12 Jul 2008 - 21:12
(RAID 0 said @ #3.9)
/sorry for my spelling error, I was high... at least I know the difference between you're and your, moron.


Being high only indicates should you have refrained from engaging in a serious discussion in the first place. It does not shield you from being ignorant of the rules of grammar or the way the world works. That is your responsibility as a citizen.

I only used the word "your" once in my response to you and I used it correctly. Are you *still* posting high?

And, to make this crystal clear for you, I was talking about the ADMINISTRATION not just Bush. Bush is an incompetent puppet. Dan Quayle redux. If you don't know by now that it is CHENEY (and those behind him) who owns this government lock stock and barrel, you might want to quit this debate ASAP. Cheney was the price Bush had to pay for the presidency.

Apple is one of the only remaining successful American-soil corporations. Like Microsoft, it is in the best interests of an administration that prizes corporate profits and tax breaks over the interests of private citizens to see that nothing happens that might cause these companies to consider moving their operations offshore...as so many of Bushco's friends have done already. Just Google the names KBR, Halliburton, etc. if you want to learn more.

(RAID 0 said @ #3.10)
Yeah, owned with no facts, only opinion.


Actually while it is only my educated opinion that this administration helped let Apple off the hook here (by not pushing prosecution at the least), everything else I mentioned as evidence of a pattern of wrongdoing and corruption by this administration is FACT. You can Google any/all of it and you'll learn a great deal about the way the world really works and why every dollar in your pocket is now worth HALF of what it did before Bushco bought the presidency.

And while you are at it, if you research the names Cheney, Rumsfeld, and Bush (sr. and jr.), you'll see a pattern of corruption at YOUR expense since before the Nixon administration. For example, these same men created Saddam Hussein in response to the loss of their proxy leader in Iran, the Shah, and then had to take him down when he went "off the reservation" by invading Kuwait. They did the same thing with Noriega, for example, but on a much smaller scale. The weapons that we sold Saddam were the ones he used to gas the Kurds (we thought he was only going to use them on Iranians, tsk tsk). But Saddam threatened Saudi Arabia (the Bush family's Middle Eastern branch), so they had to punish him. And then, when Bushco came to power...all that oil was going to waste and Cheney's former company makes its money rebuilding war-torn countries...hmmm...what shall we ever do?

So, in short, read something. It's good for you. At a minimum, it will help your grammar, high and not, and vastly improve your seemingly quite limited vocabulary.

Last edited by excalpius on 13 Jul 2008 - 00:51

Commenting has either been disabled on this article or you are not logged in. Click here to login or register, its free!

Note: Anonymous commenting is disabled in order to keep the quality of responses to a high standard.

Advertisement (Why?)