Steve Jobs, Wall Street, and Bernie Madoff
Published by Bob Foster
There seems to be no limit to the lack of intelligence within the Securities and Exchange Commission (SEC), or the people who run it–nor in the Department of Justice (DOJ); the prosecutors for the SEC. They are now investigating whether Apple committed securities fraud by failing to inform the public about the details of CEO Steve Jobs health.
Yes, this is the same government agency that was responsible for overseeing the activities of Wall Street, and the actions of Bernie Madoff. Apparently, they thought Wall Street was doing everything right, and that Bernie was an ok guy–just doing his job–but that, somehow, Steve Jobs and Apple are in cahoots to defraud Apple shareholders.
Jobs health issues have been public for several years, at least since he was diagnosed with pancreatic cancer in 2004. His successful operation and recovery was as public as the media could possibly make it. Why now, all of a sudden, does the SEC and the DOJ think they need to review Jobs medical records–can’t they just leave the poor man alone?
Anyone who has ever looked closely at Apple would certainly realize that Steve Jobs does not run Apple single-handedly. Jobs has built a strong organization of capable people, and Apple will become, and is, less and less dependent upon Steve Jobs, the person. Yes, he is the poster boy for Apple, but there is no such thing as an indispensable person–never was, and never will be. But, of course, shareholders, playing the Casino game called Wall Street, prefer to act like “chicken little” and create enough drama that the feds feel they must investigate. Besides, the SEC and DOJ need to take the spotlight off the sweetheart deal they just cut with Madoff.
So, the feds will storm Apple’s castle, and wring out every intimate detail of Jobs health. To me it is incomprehensible that investors are entitled to every little detail of his health when his health history has always been a matter of public record. Since these government agencies have historically been the poster boys for incompetence in dealing with businesses, it should come as no surprise that they are oblivious to common decency, and the desire by Jobs to have a little privacy while he tends to his medical needs.
Here’s a quaint suggestion: take some of the resources of the SEC and the DOJ and use them to oversee where the trillions of dollars of taxpayer money is going and how it is being spent. Now, that, I could support.
Comments
16 Responses to “Steve Jobs, Wall Street, and Bernie Madoff”
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This is outrageous, Bob! It’s just like the lame SEC employees before Congress last week. I am in support of your “quaint suggestion.”
Judith Ellis’s last blog post..Being in Black Face VI
The SEC is a joke and still a joke if they don’t clean up their act by investigating the naked shorts, the shenanigans of Cramer and company and what have you.
Here! Here!
This is maddening, indeed! Another smoke screen attempt to draw attention away from the real problems and issues we’re all facing here and now. No apparent accountability or responsibility for what has happened or oversight into what WILL happen into our current situation.
Anybody who really knows Apple (the people who work there) know that Steve does not single-handedly run the the show. He has been a great influence and visionary and spokesman for the company, but the hundreds of product engineers, developers, production, marketing and services people who make up the company, are the first ones he’d give credit to for it’s success over the years.
He has no more influence over the current operation (or success) of Apple as Bill Gates has over Microsoft.
Unbelievable. So at what point have we all had enough and get out the torches and pitchforks and storm Washington?
Oh, so true, are the comments here. Thank you!
Judith Ellis’s last blog post..Being a Poem
AdamC – Thanks for your comment. The SEC has been a joke for quite some time. They have a long standing reputation for harassing small public businesses. But, don’t forget that it is the Dept. of Justice that does all the legal maneuvering and prosecutions. Did you notice the sweetheart deal they cut with Bernie Madoff, so he wouldn’t have to go to trial?
Bob Foster’s last blog post..Steve Jobs, Wall Street, and Bernie Madoff
Judith – Thank you for your comments. I wonder how many other Wall Street frauds are out there, still bilking millions from unsuspecting investors? It is obvious the SEC cannot do a credible job. As AdamC said; “they are a joke”.
Did you notice how quickly the SEC jumped on the Allen Stanford bandwagon after the FBI blew the whistle. Where was the SEC all this time?
I am constructing my torch, and sharpening my pitchfork as we speak.
Bob Foster’s last blog post..Steve Jobs, Wall Street, and Bernie Madoff
Yes, I did notice that Bob. What I did not know of was the deal with Madoff! He was saved from a trial to be saved from prison. There are many in prison right now with long sentences for causing by far less harm to others. There is no justice there. All I can say is that Madoff must have the goods on A LOT of folks in many offices, both public and private, on benches and corporate offices. How very disgusting! We need to organize and be heard or this will never end.
Judith Ellis’s last blog post..Being the Federal Reserve
Jeff – You are “spot on” regarding Steve Jobs and Apple. There are about 35,000 people at Apple, and as successful as they have been, you can bet there are some good people running the company.
Sadly, the stock market is just one gigantic craps game, and it is ruled solely by emotion. Worse yet, the SEC and DOJ are just as emotion driven, and reactionary. I guess it would be too much to expect a little common sense.
Thanks for the comment. Now, where did I put that pitchfork?
Bob Foster’s last blog post..Steve Jobs, Wall Street, and Bernie Madoff
Judith – I think it is interesting to compare Bernie Madoff with Martha Stewart. Yes, Martha broke the law by doing what her broker told her to do, but she hurt no one but herself. Worse yet, the people who prosecuted her (those who were regular investors) had all done very similar things. Of course, they just love to pull someone down who has celebrity status.
Bernie, on the other hand, deliberately and knowingly bilked people out of billions of dollars, and merely gets a slap on the hand. You’re right, there is no justice.
Thanks for your comments Judith, they are always welcome.
Bob Foster’s last blog post..Steve Jobs, Wall Street, and Bernie Madoff
Ugh!
Judith Ellis’s last blog post..Being Earth, Wind and Fire
Thanks.. Interesting – and always important to be aware!
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