Apple admits to funky accounting

From WaPo:

Apple Computer disclosed yesterday that it had falsified approval of 7.5 million stock options for its chief executive and innovative co-founder, Steve Jobs, raising new questions about the role he may have played in a scandal that has swirled around the dynamic technology company for months.

Apple said in a pair of overdue earnings filings to the Securities and Exchange Commission that it had recorded a fictitious meeting at which Jobs’s options were ratified and that he may have recommended the dates for some of the stock options issued to company employees. The company repeated yesterday that Jobs did not benefit from the options.

Apple’s board, which includes former vice president Al Gore, gave Jobs its full support. “The board of directors is confident that the Company has corrected the problems that led to the restatement, and it has complete confidence in Steve Jobs and the senior management team,” said the statement by Gore and Jerome York, who heads Apple’s audit and finance committee. (more…)

Subscribe for updates!
ABOUT AUTHOR
Errington C. Thompson, MD

Dr. Thompson is a surgeon, scholar, full-time sports fan and part-time political activist. He is active in a number of community projects and initiatives. Through medicine, he strives to improve the physical health of all he treats.

Books

A Letter to America

The Thirteeneth Juror

Where is The Outrage Topics
Categories
FOLLOW ME ON