Man, I was completely shocked of this story. I had a lot of respect for Steve Jobs and his empire..
In one of the saddest cases of rank CEO theft, greed and lying I have ever seen Apple computer announced yesterday Steve Jobs stole 7.5 million shares from the company and later lied by altering records to show Apple’s Board approved the 7.5 million option grant.
An option grant of 7.5 million without Board approval is theft.
Jobs does not run or own Apple, its Board and the public does, and those records would not have been falsified had they not feared the truth of theft seeing the light of day.
[An option is a gift of company shares at a pre-determined price, say $20 a share. If two years later the price is $40 the owner exercises the option and pockets the difference, $20 a share.]
It gets much worse. At the end 2000 Jobs was given an option grant of twenty…million…shares at $43.59. 20 million shares! Even with just a potential $10 gain that’s $200 million dollars. Can someone explain to me how anyone would need $200 million in this world?
But just a year later Apple’s stock was at $18.30, a 41% drop. For an option holder the market share value is flipped in reference—he or she wants the price low to gain as much out of the market price as possible. Drooling at all that money just missed by a matter of months, Apple and Jobs back-dated Jobs’ options—they lied about the date for a lower option price so Jobs could squeeze more fortune from twenty…million…shares.
2 comments:
What could anyone do with all that money? He had more than enough to live off of. Out of control greed pure and simple.
Amen to that, Chicago Native...
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