Wsj backdating obamacare
Their concern was that the process seemed “unfair” and that the profits of backdating thus seemed “unearned.” Said Lie’s father to Business Week: “Erik doesn't like that people have gotten money they didn't deserve.” Lie and Heron immediately alerted the SEC to their findings, and the commission did begin investigating a few instances of the practice.Heron, however, was apparently dissatisfied with the pace of the SEC’s work, and, after reading a minor story about backdating in the November 3, 2005, Wall Street Journal, he emailed his and Lie’s research to Journal reporter Mark Maremont.His good luck was that—having lost his job, three years of his life, and millions of dollars—he was ultimately vindicated. Twelve years later, in 2006, revenues were .7 billion—a thousand-fold increase.
But he “wanted to see if [he] could help guide another company from early stage to industry leader.” Broadcom met all the criteria he had set for his joining a new company, and although the job of CFO would entail his commuting from Silicon Valley to Orange County, he signed on.
The pay was tiny, but a generous option grant offered the promise of great wealth if the company succeeded.
Ruehle, You Are a Free Man —A Broadcom Saga: My Fight for Justice. Likewise, cynical government prosecutors have many incentives to pursue media-defamed businessmen, also regardless of guilt: convictions bring prosecutors journalistic adulation, departmental promotions, lavish private-firm job offers, and even political power.
$15.99 Sir Thomas More: You threaten like a dockside bully. Sir Thomas: Like a minister of state, with justice. Left-wing journalists today have many incentives to launch rich-hunts against nationally prominent businessmen, regardless of guilt: such frenzies bring journalists raises, praises, prizes, and book contracts.
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As a result, journalism today is populated by innumerable muckrakers, and the Justice Department by hundreds of “dockside bullies.”Bill Ruehle’s bad luck was to discover this first-hand. Ruehle was the chief financial officer (CFO) of Broadcom Communications, an Internet company founded in 1991 by “a quiet electronics engineering professor from UCLA (Henry Samueli) and his not-so-quiet student (Henry Nicholas).” Broadcom first turned a profit in 1994: revenues were .6 million.
The frenzy over backdating did not sweep up Bill Ruehle until rather late in the game.
The WSJ story that defamed him and his Broadcom colleagues was not printed until February 16, 2007.
Conclusion: the profitableness had resulted from backdating.
Lie and Heron did not know whether backdating was legal (it was).
But as I explained in Rich-Hunt , many Silicon Valley companies (some have said “most”) decided that all employees hired within a quarter should be given options with an exercise price set, by means of hindsight, at the lowest stock price for that quarter.Tags: Adult Dating, affair dating, sex dating