Report: Apple axed lawyer who worked on Steve Jobs’ stock-option grant

“Steve Jobs is an ideas guy. He wears jeans, grows beards and orates to cheering throngs at events like this [sic: “next” actually, to be precise] week’s MacWorld conference,” Justin Scheck reports for The Recorder via

Scheck reports, “Jobs’ biographers say evidence indicates that he’s a pescetarian. He went to India. He takes only $1 a year in salary. And he leaves it up to other people to award him hugely valuable piles of stock in Apple Computer, where he’s the CEO.”

MacDailyNews Take: Yes, ’tis shocking, appalling, and downright amazing that Jobs would use a lawyer to complete legal paperwork.

Scheck continues, “People like Wendy Howell, the former in-house Apple lawyer responsible for option paperwork, probably won’t be attending Jobs’ eagerly awaited MacWorld speech Tuesday. Late last year, she became the lone person to lose her job as a result of the company’s well-publicized options problems.”

“Howell’s name hasn’t been publicly mentioned in the Apple options mess, and her firing wasn’t disclosed by the company in its series of public disclosures of options problems,” Scheck reports. “But she was the person who filled out the paperwork on a 2001 option award to Jobs that has grown infamous since just after Christmas, when Apple acknowledged that the value of the grant was artificially pumped up via a set of fabricated meeting minutes.”

“As the person who wrote out those “minutes,” Howell has become a central figure in the Apple probe — both as a potential defendant in a fraud case and as someone who could tell the government who at the company knew about backdating and its financial and legal implications,” Scheck reports.

Full article here.

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  1. Hey, RC… want to bet? Check the San Jose, San Francisco, and Wall Street media, and get your head out of the sand. Steve will, within the very near future, make a well planned, carefully orchestrated exit from the company, with a concocted explanation, declaring his departure has nothing to do with the growing scandal.

    Arrogance has brought down the high and mighty all through history and it’s about to happen again.

    I will wager the price of the biggest, soon to be extinct, Mac machine that I’m right.

  2. I doubt it. There are 200 companies being investigated for the same thing right now. This will result in some sort of reprimand and more legislation. But since there was no financial gain, he stays.

  3. I doubt it. There are 200 companies being investigated for the same thing right now. This will result in some sort of reprimand and more legislation. But since there was no financial gain, he stays.

  4. I tend to agree with RC. Unless the shareholders demand it, and I really don’t think they would, Steve Jobs will be in charge of Apple for some time to come. Unless of course he gets indicted, which I somehow doubt. The backdating was going on at Apple long before SJ returned, which indicates that the rotten egg(s) were already there.

  5. Wrong, Again,

    Let me explain some elementary stock market realities.

    In July 2006 AAPL is at $60. Harry the Hedge Fund Manager (HHFM from now on) sells 1000 contracts for January 2007 AAPL stock at $70 per share, figuring he can probably buy those shares for about $65 each come January. That’s 100,000 shares he’s just sold that he doesn’t have. We call that selling short. HHFM owes somebody $7M worth of AAPL. That somebody is Irwin the Investment Broker, henceforth IIB. When AAPL hits $90 per share, IIB starts to get nervous and calls HHFM and says, “That $7M you owe has now turned into $9M because the stock price is way up. You need to come up with $2M cash to cover the difference.” This is known as a margin call. Now HHFM doesn’t have $2M in his briefcase, so he gets on the phone with Jim the Jackoff Journalist (JJJ) and says, “You know, Jimmy Boy, that Steve Jobs over at Apple, well I heard a rumor he’s got a terminal venereal disease, besides which Apple is being sued by a 42 year old man who lives in his mother’s basement named Peter the Unemployed Komputer Engineer (PUKE) because people are always confusing him with Steve Jobs and he took out a patent on his own face back in 1972. See, Jimmy, AAPL is a real dog and you should warn people about that.” Being totally feckless JJJ writes the article that HHFM needed to keep IIB from making him come up with $2M he doesn’t have. Got it?

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