Backdating cash receipts

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It also creates double-check procedures to cut down on clerical errors.When then-general counsel Nancy Heinen emailed Apple (AAPL) CEO Steve Jobs such a spreadsheet on January 30, 2001, she noted that it was a bad idea to choose January 2 as the grant date–even though that was the day the stock had been at its lowest–if they wanted “to avoid any perception that the Board was acting in appropriately [sic] for insiders prior to Macworld announcements.” (They ultimately chose one of the next-best dates from after Macworld.) Now isn’t it obvious to everyone on that email that shareholders are being misled?She’s saying that shareholders will naively think that the options were really granted on January 2, leaving them suspicious of springloading.And this is why defenses to backdating sometimes get hard for me to understand.Sure the accounting rules are arcane and most people don’t know them.

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