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Technology Stocks : Apple Inc.
AAPL 272.99-0.3%Dec 30 3:59 PM EST
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To: Jeff Hayden who wrote (57778)10/11/2006 3:35:30 PM
From: Don Green  Read Replies (2) of 213177
 
Do you think Jobs equates to Iaccoca? Not likely

Blame Iacocca

How the former Chrysler CEO caused the corporate scandals.

If you were interested in finding a culprit for the deluge of bad news that has engulfed American business and brought the stock market crashing down, the name of Lee Iacocca would probably not be high on your list of suspects. But if it weren't for Iacocca, it is unlikely that we would be talking about Enron and WorldCom today.................

In 2000, Steve Jobs of Apple was given a package that would be worth $550 million if Apple's stock rose just 5 percent a year over the next decade. In the same year, Larry Ellison of Oracle was given 20 million options worth around $400 million, even though he already owned 700 million shares in the company. (Were the extra 20 million options really going to make him work harder?) The idea of the CEO as superhero was radically misconceived, and the idea that stock options were free money was senseless. Together, they created an environment in which one of corporate capitalism's perennial problems—self-dealing—could flourish.

Self-dealing, essentially, occurs when managers run companies to line their own pockets instead of those of the companies' owners. It's been a perennial problem in American capitalism and became a real dilemma when America moved toward a model in which corporations would be run by professional managers who had only small ownership stakes. slate.com
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