While Apple (AAPL) investors await an SEC filing which is expected to include details from its options backdating investigation, the FT reports that Steve Jobs may be implicated in the scandal. According to its sources, when Jobs received 7.5 million options in 2001 board approval did not come until after the grant.
Perhaps that explains why the options were later cancelled and replaced with restricted stock.
It's good to be king, but sometimes it can come back to bite you.
Still, my prediction is that this will blow over. Who in their right mind would call for his head? The original options grant was done in a cavalier fashion, but he gave the options back and never enriched himslef. Investors will think, "No crime, no foul." But will the SEC see things that way?
My second prediction for Apple: I see a big fine in its future.