“With the iPod and the iMac, Steve Jobs has revolutionised the media world. But now a financial scandal could topple Apple’s inspirational chief executive,” Chris Ayres reports for The Times Online.
Ayres reports, “The screen went dead for a second. When it came back on, a thin, greying man in his fifties — wearing circular frameless glasses, a couple of days’ stubble, and a black cotton shirt buttoned to the collar — was talking calmly against a glowing purple and black background. He could have been a cult leader, a dictator from the 22nd century, or perhaps an alien prince, addressing Earth from another dimension. In fact, he was Steve Jobs, co-founder and chief executive officer of Apple Computer: the man who has sold the world 60 million iPods, one billion music downloads, 45 million television show downloads and more than ten million iMacs, thus changing forever the way media is consumed by the masses. He was being interviewed on CNBC, the influential financial news channel.”
“’We’re not under investigation by the SEC or anyone else,” said Jobs, referring to America’s much-feared financial regulator. ‘[But] we did start our own investigation,’ he continued. ‘We did discover some irregularities, and we’re, y’know, letting that investigation have it’s due course . . . and it’ll be completed in the not too distant future,'” Ayres reports.
“The Apple CEO’s manner was that of a doctor, gently dismissing the latest phantom symptom of a hypochondriac patient. And when the camera cut from Jobs to a reporter standing outside Apple’s latest product launch event in San Francisco — a fire engine wailing portentously in the background — it was tempting to feel reassured,” Ayres reports. “But to anyone who has followed the script of any previous corporate scandal in the United States, it was deeply unsettling. For example: how could Jobs possibly know for certain that the SEC wasn’t investigating Apple’s accounts? Especially given that the iPod manufacturer had left investors panicking in August by declaring that financial reports issued by the company since 2002 ‘should not be relied upon’ — not to mention the fact that the ‘irregularities’ of which Jobs spoke were related directly to his own remuneration package.”
“It is thought that in January 2000 Jobs was issued ten million share options by Apple, with a strike price that corresponded to the company’s lowest share price for that month. The resulting profit could have been as high as half-a-billion dollars — but Jobs never collected it. Apple mysteriously cancelled the grant in 2003 and replaced it with another,” Ayres reports. “Jobs’s case is made stronger by the fact that he never sat on Apple’s remuneration committee after becoming CEO in 1997.”
Ayres reports, “The bottom line, of course, is this: will the man who turned computers into gallery exhibits, and who revolutionised the way music is sold and consumed, end up being fired from the company he co-founded for a second time? Will he be ruined by something as idiotic as a rigged stock option, when his fortune is already valued at about $4.4 billion?”
Full article here.
This is a hit piece. From the descriptions of Jobs as a would-be “cult leader, a dictator from the 22nd century, or perhaps an alien prince” to the snidely exact and uniquely British quote of the American Jobs’ “y’know” to overblown descriptions of the “scandal’ as “deeply unsettling” with “investors panicking” (check Apple’s stock price; some “panic, huh?) right on through to describing a stockholders’ approved grant cancellation as “mysteriously cancelled.” Please see related articles below for more realistic and less sensational reports of Apple’s stock option irregularities.
Related articles:
How options-backdating irregularities can affect your Apple Computer stock – August 23, 2006
Apple’s options imbroglio: Mac-maker granted options at or near key events in company’s history – August 18, 2006
Apple unlikely to be delisted by NASDAQ – August 16, 2006
Apple announces update regarding stock option grants – August 11, 2006
As expected, Apple delays quarterly results due to stock-options grants review – August 11, 2006
Some stock options grant decisions were made by Apple board, and potentially, CEO Steve Jobs – August 10, 2006
Apple stock options scandal? What scandal? – August 07, 2006
Wall Street forgiving of Apple’s stock option irregularities; CEO Jobs unlikely to be terminated – August 04, 2006
Apple warns of profit restatement dating back to 2002 – August 04, 2006
Apple announces update regarding stock option grants – August 03, 2006
Apple announces update regarding stock option grants – July 05, 2006
UBS: stock options probe unlikely to hurt Apple – June 30, 2006
Apple joins growing list of companies entangled in stock option ‘irregularities’ – June 29, 2006
Apple to investigate stock option grant ‘irregularities’ made between 1997 and 2001 – June 29, 2006
Fsck The Times Online. Douchebags.
You’d think that reporters would find something better to do than to try to overblow an old story to ruffle feathers.
Shut yer brown chiclet-lined piehole and get me some tea, Oliver!
What a load of crap…
All fluff and no substance, playing with words and the like.
The usual journo scum.
Yo MDN, how about a link to this troll’s editor? Sounds like this is so far divorced from the facts that they need a friendly reminder to get a clue.
MDN Magic Word “modern” – a modern world where any hack with a keyboard can post worldwide (including this hack
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When I first saw the spelling of “revolutionised,” I knew this was a bad-mouthed, even-worse-toothed Englander trying to bring ANYONE down with more panache, charm, success, and influence than he and his socialist ilk.
How very pathetic for British journalism that this person is allowed within twenty feet of a computer keyboard.
Oh, and . . . NO, Steve WON”T be brought down by a financial scandal, you mealy-mouthed twit. Don’t you just LOVE those probing journalistic headlines like “Will the moon crash into the United States and finally obliterate our former colonists?”
(My wife and I have traveled to the sceptered isle every year for the past dozen or so; needless to say, we’re staying in the USA this year–and perhaps beyond. Who needs such “allies” as these envious, petty dunces?)
More of the same same from The Times. Typical British shit press – the worst int the world and a disgrace to journalism.
If Disney is going to make any more movies in support of those god damn Nazis in the White House, that’s what could topple Steve Jobs. Iger better get his shit together on who he’s going to support before the war crimes trials start, wouldn’t you think?
Just another British Troll.
Can’t you guys over there do something about about your idiotic press? We’ve got enough idiots to deal with over here.
Why do Americans always overeact? One duff journalist and suddenly all Brits are “envious, petty dunces”.
Midlothian
Free speech make you uneasy does it?
I don’t agree with the article but if that’s all it takes for you to spout pig ignorant xenophobia then what does that make you?
What a prick.
This sceptred isle doesn’t want the likes of you to come visit it.
I hate these stupid sweeping attacks on an entire nation. Yes, the report was sensationalist but childish insults directed to British people is a bit sad. If the whole world judged a nation through the actions of one man, all Americans would be constantly mocked and ridiculed because of their leader. Oh, wait…
What do you expect of Rupert Murdoch and his minions? Factually challenged, style over substance, no or very low standards for taste and heavily biased.
People are just sloppy in the way they speak– the author as much as some of the posters here.
The disdain or anger about this kind of article, however, is well placed. This sort of journalism does nothing but breed contempt and misinformation. It’s the result of a deadline and the lack of anything better to say. That’s not exactly an excuse, though, is it?
The article wasn’t all bad. For instance:
Jobs certainly appears undeterred — and the American press, so far, seems to be on his side. After all, why take down a man who has obviously contributed so much to the American economy, making huge wealth for shareholders along the way?
Apple’s shares, meanwhile, have completely recovered from the initial shock of the options investigation. One of the reasons was the presentation made by Jobs on the day of his CNBC interview a fortnight ago. He unveiled a new movie downloading service for iTunes, fielded questions about the much-rumoured iPhone and widescreen iPod, and unveiled a gadget called iTV that can beam video across a wireless network — allowing people to send movies wirelessly from their iMacs to their TV sets in different rooms, in the same way that iTunes users can already send music wirelessly to their hi-fi systems in different rooms.
But clearly he was using sensational phrasing. I did not like the reference to Jobs’ father being Syrian, and also Mr PC (from the Apple ads) being Asian looking. Unnecessary.
A strange mix of some good things but more of the sensational.
John
Sigh. Massive MDN over-reaction. You’re either with Jobs or against him I suppose.
Look. It’s possible that Jobs or Apple or (more likely) a lawyer has fucked up big time. It’s also possible that the as soon as he found out about it, he’s set up an investigation to sort the whole thing out.
There’s nothing unusual or sindey about reporting “y’know”. Get a grip !
While I doubt this says anything about Britain as a whole, the British press sure have had it in for Apple the last few months. It’s quite a few publications, not just one or two.
Still like the Brits, though.
Hywel– if this were the first reporting, perhaps. But this article is an attempt to rake the coals, nothing more.
Hmmmm. I read his article. An obvious Mac hater. He just rants and rants for one issue to the other.
When he admits Apple is just getting bigger and better, he pouts and shrugs it off. Shame on Apple for doing so good.
Chris A. go sulk elsewhere.
N.
Oh boy. This really makes me proud to be British.
Pity the (once great) Times doesn’t dare talk about radical islamic extremists in this way.
Question. Does Rupert Murdoch have connections with Microsoft???
Strange that nobody seems to have picked up on the most significant aspect of this. The MDN quote has, “have it’s (sic) due course”. Surely, I thought, this is just a misspelling made by MDN in their rush to get this story to us. But, no – it’s there in the original. A Times ‘journalist’ who doesn’t know that the possessive form of ‘its’ has NO APOSTROPHE! I mean, what’s the world coming to when even the Times is sprinkling grocers’ apostrophes around the place?
As for the content of the article – probably nonsense.
As for the reaction from our American friends – steady… you don’t really want to base your opinion of an entire country on the ungrammatical ramblings of some deadline-chasing hack, do you? That would be a little unreasonable. I know that 99% of you are very nice people, and I’m sure you’d find that we are too.
There. I’m glad we’ve sorted out our little misunderstanding. Now, what’s for tea?
I read this sensationalist drivel over lunch on my sunny deck.
Huh! Nearly spoiled my tasty chicken pie and salad.
Really, the intro on Steve Jobs beggars belief and does not belong in T2, usually a fairly measured newspaper section.
On the ‘dubious reliability’ mentioned I’ll simply say that my ’80s-era SE/30 is still going strong, as is my old Powerbook 145b.
Who is this Chris Ayres anyway? Is he trolling for hits? What a wuzz.
Fact: There are 86 companies that are currently under scrutiny for stock options dating.
Fact: The media keeps focusing on Apple because they are one of the most high profile of those 86 and it generates buzz, pages hits and readership.
All distracting, but complete crap. How can an internal investigation, instigated internally, with no outside involvement, or pressure from any outside group, possibly result in the ousting of its iCEO?
As stated, he’s said personally in interviews that Apple, nor anyone working for Apple is under investigation by anyone.
Still this is typical of British press (I’m from the UK), why let facts get in the way of a story that’ll generate hits?
Simply take what’s known, spin it negatively, using no logic, comparitive research or experience in what your talking about, and present it as factual analysis.
This will be picked up by the other British press, and presented as fact.
I’m a Brit and I actually contacted MDN to pass on the link to the story although I don’t know if that’s why it was used.
While I didn’t agree with most of the story, I accept the journalist’s right to write such an article. I do actually read the Times and have seen positive and negative articles about Apple.
Midlothian, “he and his socialist ilk”, hmmm I doubt he’s a socialist working on the Times.
“How very pathetic for British journalism that this person is allowed within twenty feet of a computer keyboard.” Some might say something similar about yourself, but anyway if we want to discuss poor jounalism we could have a field day with some over your side of the pond.
Thankfully I’m well aware that you are not the typical American, so I won’t take offence. Suffice to say that this wonderful island will probably be a better place without your presence. If you were merely acting the idiot just for the hell of it then fair enough. If you are in fact an idiot then fair enough too.
I’d much rather have an open and often aggressive British press than the toady American press
PS. “revolutionised” is spelt correctly.
WTF crawled up the asses of the Brits lately anyway? This is about the fourth or fifth hit piece on Apple I’ve seen come out of England recently. It’s really pathetic guys…
Nothing to see here, move along…
Derek from Lindfield
“There. I’m glad we’ve sorted out our little misunderstanding. Now, what’s for tea?”
Well funny you should ask that as I just had coffee and scones. Doesn’t quite have the same ring to it as tea and scones does it?
As for the apostrophe error, I’m sure he knows, but these mistakes do slip through from time to time. I know the correct usage of its and it’s but fast typing and multitasking will produce typos.
murdoch and gates sitting in a tree
fuck em both
Damn British! That’s all they have to say.
They’re angry because:
Their soccer team sucks
Government is a mess
bad food
bad teeth
no world leading corporation
just angry losers
at least Ives is a brit, no?
if we were so small and insignificant why do some americans feel the need to impose their superiority complexes on us?
in the interests of a balanced approach, the next time an american publication makes some mildly negative comments regarding Apple, can the same characters please launch a tirade against american journalism, journalists and anyone else they feel needs a hit?
MW : been
ps, how did the golf go this weekend?
Is the Times Online related to Fox “News”?
It’s all I can do to hold back the tears about Midloathian not bringing his overbearing wife and mewling overfed, over-indulged brats to the UK to take up space on our pavements whilst going to the Hard Rock Cafe, McDonalds and other British cultural treasures.
Of course, this might just be a crude generalisation that has no basis in fact. But given the high moron count on this board, I may as well stir up a little trouble.
Please tell me how we can possibly avert this national crisis or I’ll hardly be able to get a wink of sleep tonight.
BTW, the Times is owned by News International which is, in turn, owned by Rupert Murdoch’s News Corporation: The Dirty Digger is, if memory serves, an Australian-born media mogul who gave up the citizenship of his country and became an American citizen so that he could set up a US TV network, namely Fox – in other words, he gave up his birthright for money. Given Faux News’ capacity for distorting the facts to suit an agenda, it would come as no surprise that other sections of the American NewsCorp empire are prone to dis/misinformation and propaganda.
Mr Ayres is the L.A-based correspondent for The Times so has possibly become infected by watching Faux News and may even be acting as a proxy for NewsCorp pro-MSFT propaganda. Maybe you should ask him at chris.ayres@thetimes.co.uk or try and locate him – I’ll give dollars to doughnuts that he’s based somewhere in Century City.
Jobs was never “fired” from Apple. Nor was he asked to leave. He was merely stripped of any meaningful power by the board. This, of course, was unpalatable to Jobs, so he chose to leave.
I found a copy of today’s Times on the Liverpool to Manchester train this evening and noticed the headline ‘Apple: rotton to the core?” on the front page. I couldn’t believe my eyes when I read the claptrap Chris Ayres had written.
I left the newspaper right where I found it – on the floor of a grotty train carriage, where it belongs.
MW: back, Chris Ayres needs to go back to school and learn how to write newspaper articles.
Deedubya…
Whilst I’ll give you the bad teeth crack, let’s analyse the rest of your crap.
Bad food? In London alone, you can get cuisine from over 100 different cultures from Argentina to Finland and English to Japanese. In fact, many commentators who actually know about food by quality (as opposed to the quantity yardstick preferred by many of your compatriots) believe that London – whilst expensive – is the best city in Europe for food that actually moves forward rather than being stuck in time and space like the French brasseries or many establishments in Italy. Let me be more blunt: when I want criticism on food from a culture whose contribution to world cuisine is meatloaf, I’ll ask. And don’t even get me started on your beer.
Soccer team sucks? Hmmm…and your so-called World Series has the possibility of comprising baseball teams from as far away as Toronto, whilst your “soccer” (real men call it football, but what’s in a name?) appears to be rated 29th in the world below such world powers as Guinea and Egypt. England is fifth and is rated above the current World Cup holders. So I think the phrase I’m looking for is “Bite Me”.
World-leading companies? Vodafone, the world’s largest mobile telecommunications company. BP is the world’s second largest oil company and would still be the largest if Exxon and Mobil had not merged. Glaxo SmithKline is one of the world’s foremost drugs companies, largely based on the IP of Glaxo Wellcome. ARM Holdings mean anything to you. Linn Products? Bowers and Wilkins (B&W) speakers?
How are Ford doing? Loss-making and having to sell brands from what I hear. How about GM? Not quite the bitch of Renault and Nissan yet, but the writing’s on the wall. I would ask about Chrysler, but we both know they’re German now don’t we.
I know you probably think the world begins and ends at the borders of the USA, but you really should try and think beyond the myopic xenophobia that seems to infest your country at the moment.
Oh, STOP IT! Before we start a (very short) world war three.
The Times has ALWAYS been absurdly pro-Microsoft, ever since 1998 when, on the launch of Windows 98, MS bought an entire issue of the paper. It can NEVER bring itself to be positive about an Apple product. Get over it. And DON’T tar an entire nation on the basis of an article in a US-owned newspaper.
So far as the entertaingly monsynaptic deedubya is concerned:
“They’re angry because:
Their soccer team sucks”
And the US is a soccer superpower, of course
“…Government is a mess”
People in glass houses…
“…bad food”
Not enough saturated fat and sugar. Ever seen ‘supersize me’?
“…bad teeth”
Are you a dentist? Explains your inferiority complex.
“…no world leading corporation”
How about the corporation that owns The Times? Oh, sorry, that’s American.
“…just angry losers”
Name one significant war the US has won without British help. (The civil war doesn’t count).
If we start World War Three, I’d have to ask whether it’s safer being on the side of the Americans or being the opposition given their inability to tell friend from foe in the heat of battle. Maybe their pilots and gunnery officers are too busy dreaming of meatloaf…
deedubya,
What MCCFR said. You really ought to take a look at the larger world.
And it is Ive…not Ives you dumb f*ck!
“(My wife and I have traveled to the sceptered isle every year for the past dozen or so; needless to say, we’re staying in the USA this year–and perhaps beyond”
Doubt anyone in England cares. Or if they do, they’re thankful you’re staying at home. The metal detectors might not catch the guns and grenades in your pockets all Americans carry to defend free speech and democracy, especially in the New York subway system.
You Americans have got to stop thinking all Brits hate Apple just because of a few newspaper articles. I don’t know what sells papers in the States but over here a good scandal will sell loads of papers. if it said “Apple are a really great company and the Mac will save us all from Windows” it would be a boring read to the average reader. Maybe not to us Macheads but Joe public likes a scandal. They all blow over sooner or later.
hey and MDN. Don’t you go tarring us Brits with the same brush either. You’ve seen so many bad press articles come out of the USA as well as these British ones so you know a lot of non-Mac Journos are wankers (or jerkoffs if you prefer) on both sides of the pond.
If you want proof that there are British people that Love Apple, iPods, Macs etc and think Steve Jobs rocks then take a look at this holding page for a website I just found: http://www.machead.co.uk/
I went to look for that domain because I fanced purchasing it and this holding page is what I found.
Now all of you (including the Brits) remember. We are all on the same side here and that is the side of Apple and most of us seriously can’t stand M$.
Chill boys. Kick back and have a beer. Mine’s a Theakstons Old Peculiar if you’re buying
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deedubya,
Did I also mention that it’s Ive…not Ives?
Just in case you didn’t get it smart ass; it is Ive…please anyone tell DW that it is Ive.
It’s Ive.
If the same article was written of Gates you’d all be baying for a life sentence.
It’s sooo funny American people who had such an idiot monkey as a president, judge a whole of nation by an article written by a journalist!! Well the only thing I can tell is that u Americans fits good with ur Bush!!! Or maybe it’s just Macfans cult educated by their fantastic leader cos I never have seen this type of ignorant hitting from Pc users. Pcs sucks but Pc users look more intelligent than Mac users. It’s so sad such a piece of art has just a bunch of gorillas using them…