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When senior executives realized that they could look backward for the date during which their firm's stock was at its lowest trading price and then pretend that was the date they were issued the stock grants, a scandal was born.
Today, Rubinstein is competing against Apple in his role as the executive chairman of Palm, which is backed by Q. I have to tell you, for these options to be worth anything, the stock has to go up so much compared to a dollar or two at the beginning . So for them to realize that kind of a gain here, it’s a lot more than a small variation in a strike price. It wasn’t so much about the money, because a very small percentage of my net worth is from Apple. And I felt that the board wasn’t really doing the same with me.
A series of academic studies was responsible for bringing the backdating scandal to light.
The first was in 1995, when a professor at New York University reviewed option-grant data that the SEC forced companies to publish.
On March 18, 2008, Steve Jobs was deposed by the SEC during its investigation of Apple’s stock option backdating scandal. And when you say you failed, is it that you didn’t find anyone that you thought would be suitable to take on the role?
The deposition was never made public until Forbes published it on Friday, after obtaining it through a Freedom of Information Act request.