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13-Jan-2018 12:05

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A future without Jobs is simply too grim to contemplate.Writing in In the 1990s, nobody—officials, opponents, NBA Commissioner David Stern, television announcers—suggested Michael Jordan be called for traveling when he palmed the ball and took an extra step while driving to the basket.have led to the resignation of dozens of top executives and investigations by the Securities and Exchange Commission and federal prosecutors. 29, Apple discussed the report and accounted for the impact of the earnings restatements in its 10-Q.But the options scandal has never touched a more exciting company than Apple or a more thrilling executive than Jobs. In June 2006, a special committee of Apple outside directors, chaired by former Vice President Al Gore, hired its own attorneys to investigate options backdating at the company. It turns out there were literally thousands of examples of backdating at Apple—6,428 options grants on 42 dates over a period of several years.A separate analysis of grants issued at other than the current price of the shares at grant also shows a pattern of manipulation, but it was only about 60% as prevalent for this type of award (these awards were not very common at the time, however, because of adverse accounting rules).More telling, only 0.9% of the scheduled grants showed a pattern of fortuitous timing, strong proof that the pattern in unscheduled grants could not be the result of random variation.Just so, which midlevel investigator at the Securities and Exchange Commission would have the temerity to recommend to Chairman Christopher Cox that the agency haul the most successful Silicon Valley entrepreneur into court?

CEOs at other companies have been forced to resign for such activities. His job may be saved by the fact that he did not directly profit.Only 7.7% of companies filing within the new two-day reporting window for options grants show a pattern of backdating, compared to 19.9% of companies that did not meet the requirements.The results focused on the 51% of the grants during the period that were unscheduled and at-the-money.He's a revered Hall of Famer who doesn't get whistled for fouls that send other pros to the bench. He is too popular—among investors, journalists, employees, analysts, and in the culture at large—for anyone to recommend that he be deposed. The scandals at Enron, World Com, Adelphia, and everywhere else ended the era of the rock-star CEO.

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But Jobs is the lone exception, as revered today as he ever was.

But Apple makes clear that Jobs was directly involved in some instances of backdating.