As the Dow touches 13,000 I am nervously watching Apple’s stock (which I own for myself and for others). Fred Anderson, former Apple CFO, has settled with the SEC and agreed to turn over $3.5 million in personal option backdating profits.
Meanwhile, Apple General Council Nany Heinen has refused to admit wrong doing to the SEC, stating that hundreds of executives engaged in options backdating without knowingly breaking the law. She also takes the SEC to task for its well-known tactic of only going after high profile targets, while ignoring hundreds of smaller fish. The fact that Martha Stewart is about the only person to go down for insider trading in the past decade is fairly illustrative of this morally questionable SEC policy.
But the news of gravest concern for Apple stockholders is the fate of Steve Jobs. While the SEC has now stated they will not pursue action against Apple, Inc., they have not announced whether they will pursue action against Steve Jobs. Since part of Fred Anderson’s settlement seems to be to wag his finger at Steve Jobs, this is unsettling news. Valleywag already sold their Apple stock this morning.
As of this writing, Apple is up $1.22 at $94.46.