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Technology Stocks : Apple Inc.
AAPL 278.37+0.1%3:59 PM EST
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To: Cogito who wrote (55803)8/12/2006 11:35:30 PM
From: KeepItSimple  Read Replies (2) of 213176
 
Allen, the whole point is that if you give backdated options to employees or executives that are IN THE MONEY, you have essentially given them a stock grant. You have given them something that has value at that moment, even if the stock never goes up a penny in the future. And stock grants are supposed to be expensed immediately against earnings- heck they've ALWAYS been an immediate expense.

Apparently nobody in silicon valley bothered to expense them against earnings, because they figured anything to do with options was "free money" and not worth accounting for.

That's the whole scandal in a nutshell.
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