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#1 |
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Kasper's Automated Slave
Join Date: Nov 1997
Posts: 6,162
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SEC looking into Apple's disclosures on Jobs' health
Regulators from the Securities and Exchange Commission are investigating Apple's disclosures about chief executive Steve Jobs' health problems, Bloomberg is reporting.
Citing a person familiar with the matter, the*financial publication*said the SEC wants to make sure investors weren't misled.* The probe isn't an indication that investigators have seen any evidence of misconduct. "The good news flipped by the bad news makes one wonder what Apple knew," said James Cox, a law professor at Duke University quoted in the report.* "It's not surprising for the SEC to come in and look afterward, given the pressure and publicity regarding their handling of a lot of cases," he said, referring to Bernard Madoff's alleged $50 billion Ponzi scheme. Spokespeople for both Apple and the SEC declined to comment. An SEC lawyer who teaches at Wayne State Law School said securities regulators would be hard pressed to build a case against the Cupertino-based company. "It would be difficult, and certainly a new area of the law," said Peter Henning.* "You would have to pin down exactly what they knew, and with a health issue -- unlike a merger or a decline in revenue -- it's not subject to definitive answers." On*January 5*Jobs disclosed that a hormone imbalance was causing him to lose weight but that he was undergoing treatment and planned to remaining as chief executive.* Shares rose 4.2 percent.* But just nine days later,*the Apple co-founder spooked industry watchers with his decision to take medical leave through June, saying his health problems turned out to be "more complex" than he thought.* Apple shares have since fallen 8.4 percent. A corporate governance expert at Chadbourne & Parke told Bloomberg that Apple's board may have met its obligation to shareholders by announcing Jobs would be on leave. "It's really an issue of the ability of the CEO during the period of his ill health to continue to advise and consult and manage the affairs of the company," said Edward Smith, who said the board isn't obligated to give specific details about Jobs' illness.* "Someone might be able to [consult] from a hospital bed for several weeks just as well as they may do it from the office." It's been speculated that Apple will inevitably face lawsuits from shareholders unhappy with the company's recent secrecy over Jobs uncertain health. Such suits would be the first of their kind and represent uncharted territory for the US legal system. Bloomberg on Friday cited "people who are monitoring [Jobs'] illness" as saying he is considering a liver transplant as a result of complications that followed his pancreatic cancer treatment in 2004. |
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#2 |
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Registered User
Join Date: Oct 2007
Posts: 6,177
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UH OH!
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Once you go Mac, you never go back!
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#3 |
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Registered User
Join Date: Sep 2005
Location: New England
Posts: 481
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I hadn't thought of this before, but because Steve, makes, builds, designs, ships, creates collects funds, pays bills, schedules work loads, hires, fires, promotes, designs new stores, opens new stores, brokers deals, does all of the coding, concept work and SO MUCH more … I think everyone is right, we should sure Apple!
I have Apple stock! I, like many others have seen the value go down (oh wait, ALL of my others stocks have gone down too … I have got one hell of a lawsuit to think about). But I like EVERYONE else, could have sold my shares of Apple stock at ANY time, I didn't - sue me for being stupid! Oh, I forgot, Apple is going to close and fade into the sunset never to be heard from again, when Steve's gone! Yeah right. I like everyone agree this all could have all been handled better, but jesus, does that mean because it wasn't - we can sue Apple. I was suppose to get a raise but I didn't … can I sue? My marriage didn't go as planned … can I sue? My car is not as nice as I'd hope … can I sue? Mother nature as screwed things up more then once on me … can I sue. Skip |
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#4 |
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Registered User
Join Date: Nov 2001
Location: Been here since 1998
Posts: 326
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So Steve, how would you prefer your time in prison? Going forward or the other way?
I think we all know the answer to that one...
you wish
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#5 |
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Registered User
Join Date: Sep 2005
Location: New England
Posts: 481
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Also, did you see the piece that said "this is only possible, because Mr. Jobs is such a figure head for Apple" "if Mr Jobs wasn't such, none of this would matter".
So because he's popular … sue him? Skip PS Now I'm not sure what I would do with ALL of the money I'd get from this lawsuit? Oh, just the lawyers are going to get something, oh I see. |
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#6 | |
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Registered User
Join Date: Aug 2007
Posts: 92
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Quote:
2. Marriage, you have to if you want to end it. 3. Not unless someone else made your car "not as nice". 4. "Act(s) of God" lawsuits aren't well received, but given your lack of a question mark at the end of your sentence I will assume that was rhetorical. Last edited by nace33; 01-21-2009 at 12:43 PM.. Reason: spelling |
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#7 |
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Registered User
Join Date: Nov 2001
Location: Phoenix, AZ
Posts: 420
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I think the main problem that most people have is that they see Apple and Jobs as the same entity. That just isn't the case. I would have to say that there is no way possible for this to go forward. After all, Steve's health is a private matter, no matter how public he is.
-- Mike Eggleston
-- Mac Finatic since 1984. -- Proud Member of PETA: People Eating Tasty Animals -- Wii #: 8913 3004 4519 2027 |
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#8 | |
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Registered User
Join Date: Oct 2007
Posts: 6,177
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Quote:
Once you go Mac, you never go back!
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#9 |
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Registered User
Join Date: Apr 2005
Posts: 79
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My biggest fear is that Steve will leave Apple not because of his health, but because of the public scrutiny he is being placed under over this issue. Who wants to live like that?
I believe he and the board have been very forthcoming about this. He's made several public statements about his heatlh, and unfortunately, each statement only encourages people to demand to know even more. Pretty soon, they'll settle for nothing less than a by-the-minute report. Ridiculous. |
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#10 |
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Registered User
Join Date: Oct 2008
Posts: 17
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Surely the only way anyone could prove any kind of misleading activity by Jobs and the Apple board would be to prove they knew of the extent of his condition earlier? And the only way to prove that would be through his medical records, which surely would be a breach of his right to doctor-patient confidentiality?
Also I don't see what benefit Apple would have got from the 2 announcements - surely both were very damaging to the companies stock? |
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#11 |
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Registered User
Join Date: Apr 2002
Location: No GPS signal.
Posts: 1,169
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Question to the people who are so sure that Steve lied to Apple (or that Apple made Steve lie to the public) on January 5:
What is the motivation for telling people you WON'T be leaving your duties, if you actually KNOW that 9 days later you will be? What does that gain you? Isn't it simpler to take off the tin foil hats and speculate that the decision to take time off was made DURING those 9 days? Call me crazy ![]()
nagromme
Would you like a treatment? |
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#12 | |
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Registered User
Join Date: Jun 2007
Posts: 423
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I'm surprised that people don't understand what impact he has on the stock. |
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#13 | |
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Registered User
Join Date: Jun 2007
Posts: 423
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#14 | |
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Registered User
Join Date: Sep 2006
Posts: 3,233
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#15 |
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Registered User
Join Date: Sep 2006
Posts: 3,233
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What a silly move on SEC's part: as though they don't have more important things to deal with in the midst of the macro-financial meltdown, and their own ineptness on matters such as Madoff.
This will go nowhere, fast. |
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#16 |
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Registered User
Join Date: Jul 2007
Posts: 222
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Formality. SEC wants to show they aren't ignoring things. Move along. Nothing to see here.
Journalism is publishing what someone doesn't want us to know; the rest is propaganda.
-Horacio Verbitsky (el perro), journalist (b. 1942) |
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#17 | |
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Registered User
Join Date: Apr 2005
Posts: 79
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Quote:
First of all, it's quite possible that Steve *did* initially feel he had a cold/flu, and that he attributed his gaunt look to that, along with his vegan diet. Depending on the health advice he was getting (remember, he's not a big fan of conventional medicine, and even tried to treat his cancer through diet in 2004), he may not have had an accurate idea himself over why he was losing weight. Weight loss can happen *very very quickly* in many cases....my brother had a form of liver disease (since beaten!), but when it came on strong, he dropped about 50 pounds in 6 weeks! Steve may have experienced a rapid weight loss, and chalked it up to feeling under the weather and his already sparse diet. Secondly, he announced before Macworld Expo in 2009 that it was a "hormone imbalance" that was causing the problem. Did it occur to you that that was the most recent understanding he had, and he was sharing it the world, as you wanted him to? Then, the following week, after more tests and research, his doctors tell him that the problem is more complex, and so he reveals that to you, as you've loudly demanded. So what do you do? You kick him for not being able to, in one single moment, give you a 100% accurate picture of his condition that's guaranteed to *not* change at any time in the foreseeable future. You hypocritical bozos can't have it both ways--you can't demand that Steve updates you constantly on his health, but then blame him as he gets more and sometimes contradictory information about said health. P.S. Yes, Steve's health affects Apple's stock. So do 1000 other factors. The Palm Pre, Windows 7, the Blackberry storm, the overall economy, iPod sales #s, the rumors printed on this web site, etc. etc. etc. Welcome to the real world. If investors want a totally predictable ride, they should buy a nice conservative bond instead of Apple's stock (or any company's stock for that matter). |
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#18 | |
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Registered User
Join Date: Oct 2007
Posts: 6,177
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Quote:
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Once you go Mac, you never go back!
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#19 |
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Registered User
Join Date: Oct 2007
Posts: 6,177
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Once you go Mac, you never go back!
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#20 |
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Global Moderator
Join Date: Jun 2004
Location: .US
Posts: 9,127
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What if that was the point? I wouldn't object if someone suggested that this may be a deliberate means to distract people from the ineptitude of SEC oversight, such as your Madoff example.
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#21 | |
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Registered User
Join Date: Feb 2007
Posts: 666
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Quote:
While I agree that Steve's health IS a private matter. I disagree with the premise that the main problem is that most people see Apple and Jobs as the same entity. I think Steve Jobs is the reason why most people see Apple and Jobs as the same entity, at least those of us in the know and who keep up with the tech world. I mean, go do a man on the street interview with a picture of an iPod or an iPhone and ask what company created it. Then ask who is the CEO of that company. I am sure that the answers would be as interesting as the answers that Jay Leno gets from his "Man on the Street" interviews of the most informed, American public schooled, citizenry. ![]()
Global Warming, Carbon Dioxide, Greenhouse Gases, Shrinking Ice Caps, Carbon Neutral, Carbon Credit, Generation Investment Management - Al Gore - "Beware the Prophet seeking Profit!" - Dennis Miller
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#22 |
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Registered User
Join Date: Feb 2007
Posts: 666
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Too bad that Ron Howard's movie "Frost/Nixon" isn't!
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Global Warming, Carbon Dioxide, Greenhouse Gases, Shrinking Ice Caps, Carbon Neutral, Carbon Credit, Generation Investment Management - Al Gore - "Beware the Prophet seeking Profit!" - Dennis Miller
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#23 |
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Registered User
Join Date: Oct 2007
Posts: 6,177
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Don't be dissin' "O"pie from Happy Dayz!
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Once you go Mac, you never go back!
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#24 | |
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Registered User
Join Date: Jun 2007
Posts: 423
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Quote:
What a crock of nonsense, you should take a step back and think about what you're writing. You're telling us that a CEO who has drastic weight loss (which doesn't happen overnight) has the PR dept release information that he had a cold? 2nd, as a CEO and figure head of a company that fluctuates on his health he should not have been giving any updates on his health unless it was to say he no longer could perform his duties and was taking a leave of absence. The updates that turned out to be wrong, are what is in question. And why all of the sudden after months of 'mind your own business' was there a need to post that message to the public? We all take a risk when we purchase stock, but what should not be at risk is direct manipulation of the stock by the company. If it happens there should be a price to pay for it. |
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#25 | |
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Registered User
Join Date: Feb 2008
Posts: 1,415
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cold?
Quote:
No one actually said he had a cold. They said he had a "common bug" which is vague enough to be interpreted various ways. For instance diarrhoea or "the runs" is often referred to as a "common bug." |
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#26 |
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Registered User
Join Date: Nov 2008
Posts: 17
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All again...
The same old thread again, just newer dates. ![]() |
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#27 | |
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Registered User
Join Date: Oct 2007
Posts: 640
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#28 |
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Registered User
Join Date: Sep 2006
Posts: 3,233
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#29 | |||||||
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Registered User
Join Date: Jun 2008
Posts: 657
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the key and most important bits of information.
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that last one is important because Bloomberg is losing all cred in this matter. 'people who are monitoring' and doctors 'who hasn't ever treated Jobs' etc sources. My fav is the Judge that says that they aren't required to say squat about Jobs private matters, but in his opinion they should. like that suddenly makes it a law. geesh. like Fake Steve Jobs said, leave him alone. what's interesting is to go back and look at all the times that the stock has dropped and how many times it was at the same time as a batch of reports about Jobs Health and how many times was it due to a massive failure with a new product, a patent lawsuit etc. my guess, you'll find that the death rumors out number the rest 2 to 1 if not more. so yeah, perhaps there are some lawsuits needed. against every publication with the Bloomberg esque sources that has claimed he is dying, he has cancer again etc. Send the SEC to investigate these reporters over attempting to drive the prices down before Apple can release the next big thing and make some folks a lot of money cause they bought when it was low. Quote:
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or thought you were just having an allergy attack and some sniffles but then you thought it was the flu, then a sinus infection, then it turns out it was walking pneumonia. take that times 100 cause Steve's problems are with a major system of the body. problems are going to happen, sometimes just when you think you had it figured out. because the public wasn't listening or rather the media wasn't and they were ruining the value of the stock. but no one is threatening them. no one is suing Bloomberg etc. It has to be Apple that takes on all the blame for trying to show their CEO some respect. Last edited by charlituna; 01-21-2009 at 04:45 PM.. |
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#30 |
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Registered User
Join Date: Sep 2007
Posts: 37
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Apple is correct IMHO
Apple and SJ are doing what they have to do and no more. Apple is a great company and SJ is a great CEO. (Perhaps the best) As long as he can do his job, Apple has nothing more to say about his health. That is a personal matter. Now that SJ has told the board he needs six months of sick leave to deal with his health, the only thing that Apple needs to do is let investors know the CEO is on sick leave. Why and what is ailing him, is personal. If SJ needs another six months after this, it is still personal. From what I have read, Tim Cook is very capable. We all need to just breath and let things happen as they happen. With SJ or without, Apple will release Snow Leopard and updates to their array of quality products. Life must and will go on. For those of us who care about SJ and Apple just pray for better days. All will be O.K. IMHO.
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#31 |
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Registered User
Join Date: Jun 2007
Posts: 136
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Bloomberg Report Steve as dead
Don't you remember the Bloomberg gaff from last year. They published his obituary and the man wasn't dead. I don't believe much from Bloomberg
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#32 |
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Registered User
Join Date: Dec 2007
Posts: 51
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This is totally absurd. First of all, I bet you can't find any pattern to Apple stock rises and falls (except when the Jobs death rumor was announced.) Frequently, Apple announces a record quarter or a great new product and the stock falls. They announce nothing and the stock rises. Is Apple worth half what it was six months ago? There is no logic behind it. Why is the stock up 5% today?
Secondly, of all the things SEC SHOULD be investigating, this is not one of them. Apple did not manipulate the profits of the company by creating phony investment packages, shell companies, pyramid schemes, etc. like the banks, Enron, Madoff, etc. And Apple doesn't keep three sets of books like the film companies do where there's one set for the stockholders, one for taxes and one for revenue participants. Every film company is enormously profitable but every picture loses money and backend particpations are never paid. How does that add up? Every CEO is important to their company, but does anyone obsess over the fact that Ballmer is terribly overweight and obviously excitable and therefore prone to a heart attack? Or that Gates (at least in his younger days) didn't bathe very often and therefore was prone to bacterial infection? The fact is that we knew Steve had cancer and ANYONE who has had cancer in the past is subject to getting cancer again and therefore, almost by definition, has their health at risk. What's happened since is almost beside the point. It seems to me that Steve's pancreatic cancer has already been factored into the stock price and even if it wasn't, anyone investing with Apple has to have been aware. If someone is so concerned that Apple's success (and stock price) is based around one person, then they were stupid to invest in Apple in the first place because Steve could get hit by a truck or be in an air crash at anytime. IMO, the SEC is way off-base here. Go after companies who have told bold-faced lies about their profits or where executives have skimmed profits from the company or where bonuses were made on profits that didn't really exist. There's plenty of those. If you don't like the way a company is run, don't buy the stock (or dump it if you already have it). These class action lawsuits against companies that I get all the time are ridiculous: the lawyers usually get a few hundred million dollars and the shareholders get 7 cents a share. Most of the time, it's not even worth the time to fill out the forms. |
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#33 | |
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Registered User
Join Date: Jun 2007
Posts: 423
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Quote:
![]() First of all, I didn't sue anyone for anything, I'm not going to and I'm not looking for money. I do think the SEC has a right to look into it considering the manor in which this was handled. And if you objectively follow the cookie trail back it does seem suspicious. |
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#34 | |
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Join Date: Jun 2007
Posts: 423
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#35 | ||
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Registered User
Join Date: May 2003
Location: Walnut Creek, CA
Posts: 1,118
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#36 | ||
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Registered User
Join Date: Feb 2006
Posts: 657
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What goes online stays online. What is online will become public.
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#37 |
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Registered User
Join Date: Jun 2007
Posts: 423
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#38 | |
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Registered User
Join Date: Jun 2007
Posts: 423
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#39 |
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Registered User
Join Date: Feb 2006
Posts: 657
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Sure, why not. While homeopathic practitioners avoid mainstream doctors and the artificial drugs they dispense they do understand the need for surgeries. And they will not shy away from the knife when cancer is the problem. It may even had been his homeopathic practitioner who initially suspected cancer and sent him to the surgeon who cut it out. In which case homeopathic medicine worked and was not a failure. So why not follow the same path for this follow-up problem.
What goes online stays online. What is online will become public.
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#40 | |
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Global Moderator
Join Date: Jun 2004
Location: .US
Posts: 9,127
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Quote:
The only way homeopathy can work is because it is the equivalent of a placebo. Placebos cannot remove cancer. |
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