Thursday, November 02, 2006

Gruesome options backdating

Mail call . . . The Motley Fool contributor, Tim Beyers, informs his readers that he has sold his holding in Apple Computer.

I sold my position in Apple because Jobs' flimsy apology (backdating options) and the lack of real consequences that came with it suggests that he and other Apple executives are content to hold shareholders at arms' length.
Fellow Fool Seth Jayson described what occurred at Apple as "gruesome options backdating practices".

Rambus Inc. engaged in similar gruesome backdating practices which transferred significant wealth belonging to shareholders without reserved parking places to insiders.

On the Rambus scrimmage line is former CEO Geoff Tate, with everybody piling on top of him. Geoff, I guess you will find out who your true friends are now . . .

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