Start Apple backdating scandal

Apple backdating scandal

The company was the most prominent of several to have engaged in similar behavior, including Broadcom, Novell, Mc Afee and CNET.

No one's pay was "inflated" by backdating, unless you assume that the alternative would have been awarding executives exactly the same number of options at less-advantageous prices.

Which, of course, you shouldn't assume since any sensible employee can see that if his each stock option is worth less, he should get more of them.

Backdating was then carried out to give Jobs a lower share price which, on paper, made him $20 million richer.

It took until December that year until terms were finally agreed upon, at which point Apple’s stock price was $21.01.

It took until December that year until terms were finally agreed, at which point Apple’s stock price was now $21.01.

Backdating was then carried out to give Jobs a lower share price which, on paper, made him $20 million richer. Ultimately, it seems that Jobs swapped these options for restricted stock of lesser value.

Today’s “Today in Apple history” is significant, though, because it was one of the big scandals which rocked Apple during its big climb back to the top in the mid-2000s. In the aftermath, Apple spokesman Steve Dowling said: “Following an exhaustive independent investigation, the special committee found no misconduct by Steve Jobs or any other current management.