Thursday, December 28, 2006

Rotting Apple?

Apple's business is booming. Christmas celebrators overwhelmed iTunes, causing delays for some of more than 20 minutes to download a single song. Unfortunately for Apple, this success is not likely to distract the SEC and its investigation into Apple's stock option backdating practices. Apple, is in a barrel with more than 160 other companies with backdating issues pending.

According to Financial Times, Apple Computer give Mr. Jobs 7.5 million unauthorized stock options and then later falsified records to make it appear that the board voted their approval. Mr. Jobs did not exercise the options and returned them to Apple, which then gave Mr. Jobs restricted stock.

Read more here at EETimes or Cnet News.

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