Back Dating

  • Back Dating, insider-trading

    Backdating, Part II: This Time It’s Charitable Donations!

    We’re on record as skeptics of the great backdating scandal of 2006. But just because you think something was unduly scandalized by an over-eager financial press and over-zealous regulators doesn’t mean it didn’t happen. And there is clear evidence that backdating occurred. In fact, in some sectors—we’re looking at you Silicon Alley tech—it seems to […]

    / Feb 25, 2008 at 2:33 PM
  • Back Dating

    The Backdating ‘Scandal’ Is Dealt Another Blow

    The backdating panic of last year appears to have largely deflated. The one big conviction from the much-ballyhooed scandal was Greg Reyes, the former head of Brocade. He was tried and convicted in August on charges of conspiracy and fraud in connection to backdating stock options at his company. But that conviction now looks doubtful. […]

    / Dec 12, 2007 at 5:02 PM
  • Back Dating

    Backdating Deflating: William McGuire Gives Back $620 Million, Criminal Prosecution Unlikely

    Although it was billed as the latest financial crime of the century, backdating is turning out to have some very minor results. Few prosecutions, stalled or failed lawsuits and increasingly fading from its never prominent place in the ranks of public concerns. But this doesn’t mean the panic hasn’t had serious costs. Public companies have […]

    / Dec 7, 2007 at 4:42 PM
  • Back Dating

    Backdating Deflating

    We caught a lot of flak from the self-styled guardians of corporate governance for our repeated insistence that the Great Backdating Scandal of 2006 was overwrought. The financial press treated backdating as if it was a new form of embezzling even though it was, typically, nothing more than a quite common workaround of complex accounting […]

    / Nov 20, 2007 at 4:45 PM
  • Apple, Back Dating, Steve Jobs

    Justin Long, However, Is Definitely Going To Prison

    Steve Jobs has been subpoenaed by the SEC to be deposed in a backdating case against Apple’s former general counsel, Nancy Heinen. Though the news sent shares of the fruit down 1 percent, with a $140.31 close (-0.33%), investors should rest assured that while Heinen may fry, this doesn’t mean jack for the company or […]

    / Sep 20, 2007 at 5:02 PM
  • Back Dating, Brocade, legal

    Backdating Trial: Trouble for the Prosecution?

    The prosecution for stock options backdating related charges against former Brocade chief executive Gregory Reyes rested its case last Wednesday. But instead of spending the weekend preparing for the case the defense lawyers were scheduled to begin making on today, they wound up preparing an 18 page summary of their evidence that Reyes willfully ignored […]

    / Jul 9, 2007 at 4:42 PM
  • Back Dating, Kobi Alexander

    Kobi Alexander Genuinely Cares About Namibia Because He Is Jewish

    Kobi Alexander’s extradition hearing in Namibia is happening today (might’ve already happened, not sure with the time difference). The biggest charge in his 35-count federal indictment is money laundering. But he may not be going downtown for his little fraud dealings. Why? Since he fled to his African hideaway last October, Alexander’s been building affordable […]

    / Jun 8, 2007 at 11:15 AM
  • Back Dating, Brocade, CEOs, legal, SEC

    Backdating Is Back: The Materiality Question Arises And Gets Swatted Down

    A key question in the great brouhaha over backdating—dating stock option grants on days when the stock was at a historic low rather than the date they were actually granted—has always been whether or not it matters to shareholders. Was backdating a trivial accounting matter that potentially increased compensation for those receiving the backdated options […]

    / May 15, 2007 at 12:36 PM
  • Back Dating, Steve Jobs

    Q. Who’s Afraid of Backdating?

    Also: Apple posts higher profit on strong MacBook sales [Reuters]

    / Apr 25, 2007 at 4:53 PM
  • Apple, Back Dating, legal, Regulators, Steve Jobs

    Breaking: Apple Backdating Charges, A Settlement And The ‘Apple Rule’ Put To The Test

    The force field that seems to have protected Steve Jobs from the harsh scrutiny that the press and regulators have applied to other executives allegedly involved in stock options backdating is being put to the test today. The Securities and Exchange Commission filed charges against two former Apple executives—former chief financial officer Fred Anderson and […]

    / Apr 24, 2007 at 3:46 PM
  • Back Dating, Business Hacks, Business Media, Wall Street Journal

    A Pulitzer For the Perfect Executive Pay Story

    As a way of saying thank you for the Pulitzer, the Journal has opened up its backdating archives. You can read all about the scandal, starting from the very first story published thirteen months ago. (Has it only been 13-months? It seems like we’ve been writing about backdating forever. Oh, right. That’s because DealBreaker started […]

    / Apr 17, 2007 at 2:57 PM
  • Back Dating, Business Media

    The Wall Street Journal’s Team Backdating Wins the Pulitzer!

    Don’t say we didn’t warn you. After it’s relentless and breathless coverage of corporate stock option backdating, the Wall Street Journal has reaped the ultimate reward in journalism—a Pulitzer Prize. We’ve been one of the unfortunately rare sources of criticism of the Journal’s coverage of backdating. (Larry Ribstein and the Journal’s own Holman Jenkins are […]

    / Apr 16, 2007 at 4:32 PM
  • Back Dating

    Note To Self: Destroy Notes To Self

    A Post-It note stuck into the board minutes of Affiliated Computer Services Inc. has come back to haunt Darwin Deason, the company founder and chairman who recently announced plans to take the company private. An investigation into options backdating at Affiliated Computer Services Inc. unearthed a handwritten note in which ACS Chairman Darwin Deason discusses […]

    / Mar 22, 2007 at 11:39 AM
  • Back Dating, Steve Jobs

    The Man of Steve: More Backdating Charges Bounce Off Apple Boss

    Yet another company has cleared Steve Jobs of any wrong-doing in the backdating of stock options that occurred while he was hanging around. Pixar, which is owned by Disney, issued a statement declaring that “no one now associated with Disney committed ‘any intentional or deliberate acts of misconduct,’” according to the Wall Street Journal. Since […]

    / Mar 19, 2007 at 1:40 PM
  • Back Dating

    BREAKING NEWS – Church Involved in Backdating Scandal

    [Cross-posted from the original on SuperMogul] The latest backdating scandal to erupt may be the most shocking yet! Jesus’ (depicted here on the coolest Trapper Keeper cover ever) body may have been found in your mouth every Sunday, mystery solved! a Jerusalem tomb, according to the Discovery Channel Documentary, “The Lost Tomb of Jesus,” which […]

    / Mar 9, 2007 at 11:26 AM
  • Back Dating

    The Backdating-M&A Connection?

    The boys at Deal Journal have noted an interesting trend Re: company backdates, company gets acquired. SafeNet’s deal to be acquired by Vector Capital for $634 million follows disclosures of Securities and Exchange Commission and Department of Justice investigations into its stock-option grants, and the subsequent resignation of its CEO. By our count, that swells […]

    / Mar 9, 2007 at 10:50 AM
  • Back Dating, Business Media, Wall Street Journal

    Wall Street Journal On Short List for Pulitzer

    The Wall Street Journal‘s backdating reporting is short-listed for a Pulitzer Prize, Editor & Publisher magazine’s website revealed this afternoon. Less than one day after the Pulitzer juries completed three days of judging at Columbia University, E&P has published what it describes as “a likely list of eight of the 14 journalism finalist groups.” Among […]

    / Mar 8, 2007 at 3:55 PM
  • Back Dating

    What Do You Mean Backdating Doesn’t Matter?

    Wel, we didn’t quite say that backdating doesn’t matter. The point we’ve raised here (and that’s been raised over and over again by Larry Ribstein) is not about whether backdating matters in some sense of universal, metaphysical justice. That sort of thing is in the eye of the beholder. Or the Creator. Or…well, you get […]

    / Mar 8, 2007 at 10:13 AM
  • Back Dating, Business Media

    Up From The Backdating Scandal?

    In today’s Wall Street Journal, Holman Jenkins continues to wage war against his own paper’s page one editors. We’ll save for tomorrow any discussion of two important points that Holman raises—the immateriality of stock options backdating and the mostly likely reason it occurred—and instead give you the good news: it looks like the war against […]

    / Mar 7, 2007 at 4:35 PM
  • Back Dating, Business Media, Wall Street Journal

    9/11 Was Caused By Backdating!

    Sure that’s not quite what he writers at the Wall Street Journal are saying in today’s front-page story. But it’s still, you know, kind of the point. The writers are trying to piggy-back their story—backdating—on the moral gravity of a far more serious story—the terrorists attacks of September 11, 2001. Why else lead with something […]

    / Mar 7, 2007 at 10:59 AM
  • Apple, Back Dating, McAfee

    So Now We Know What The Backdating Scandal Is All About: Screwing the Corporate Henchmen

    Yesterday federal prosecutors announced the indictment of Kent Roberts, McAfee’s former general counsel, for backdating related charges. Today’s Wall Street Journal points out that former McAfee CEO George Samenuk knew about some date gamesmanship with one of his stock options grant, as well. So why wasn’t he indicted? Larry Ribstein—who coined the “Apple Rule”—wonders if […]

    / Mar 1, 2007 at 2:42 PM
  • Apple, Back Dating, legal, McAfee, Steve Jobs

    Another Backdating Indictment: McAfee’s Former General Counsel Charged

    The former general counsel of McAffee yesterday became the eleventh person charged with criminal offenses related to stock-options backdating. The feds have said they are examining some 140 companies for backdating but its not hard to see why McAffee’s former general counsel ended up high on its lists for criminal indictments. First, McAffee was an […]

    / Feb 28, 2007 at 9:45 AM
  • Back Dating, Comverse, Kobi Alexander

    Backdating Fugitive Becoming Low-Rent Real Estate Baron In Namibia?

    We’ve been doing a lot of writing about backdating lately but what about the poster-child for criminal backdating fugitives, Kobi Alexander? The founder of Comverse vanished after US authorities sought to arrest him on charges related to backdating, securities fraud and bribery. He later turned up in Namibia, where he was arrested by authorities and […]

    / Feb 26, 2007 at 11:01 AM
  • Apple, Back Dating, Steve Jobs


    Today those sadomasochists over at take a look at a something so perverse, so unspeakable, that we don’t even want to say it but have to because only a few of you DB readers—Holman Jenkins—have the ability to read our minds: a world in which Steve Jobs is not the CEO of Apple. Sends […]

    / Feb 23, 2007 at 1:13 PM
  • Back Dating

    Shorter DealBreaker! Or: A Quickie Guide To Yesterday’s Backdating Posts

    Yesterday we posted a trio of items on backdating. One illustrated how pressures to hold down executive pay may have encouraged backdating. Another explained why the best-guess-ish nature of options accounting probably also helped encourage backdating. And a third pointed out that Goldman Sachs’ utter lack of shame protected them against the temptations of backdating. […]

    / Feb 23, 2007 at 12:15 PM
  • Back Dating

    Why No One Understands Backdating (And Why You Probably Do)

    Here’s the main reason no one understands backdating: because no one understands how stock options grants are priced. And, to make things worse, even fewer people understand how stock option pricing affects overall executive compensation. (Yes, we realize we just wrote fewer than “no one” but that’s about right.) Add backdating shenanigans to that and […]

    / Feb 22, 2007 at 3:30 PM
  • Back Dating

    When Backdating Goes Bad!

    Yesterday’s executive compensation bonus pool filing by Bear Stearns provides a good opportunity to discuss the pseudo-scandal of backdating. And, if you’ve been following our scandal-skeptical coverage of backdating, you’ll probably want to read this because we’re going to take you along a quite different road here. Let’s back-up for a moment and look at […]

    / Feb 22, 2007 at 10:39 AM
  • Back Dating, Business Hacks, Business Media, Wall Street Journal

    Those Award Winning Wall Street Journal Backdating Reporters

    You might have noticed that we’ve been hammering away today at the backdating reporting of the Wall Street Journal. In fact, we’ve been beating up on Friday’s front-page story so much that we’ve haven’t even had time to get to the breathless reporting in today’s Journal. So what’s got us all hot and bothered? Well, […]

    / Feb 20, 2007 at 4:49 PM

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