Posted by: Raj Perumal
$80 million dollar fine, BlackBerry, James Balsillie, Jim Balsillie, Mike Lazaridis, RIM, RIM CEOs, stock backdating
So this just in from stock land! Apparently RIM’s CEOs have been accused of backdating stocks! They’ve been fined $80 million dollars.
I don’t know if this is true or not, only time will tell, but I do have to ask them this if they are guilty – don’t you have enough money already? Do you really need to sink to that level to make even more? Yeesh.
Backdating is when you date a stock purchase back to when it was at it’s low point that way when the stock price is high you instantly make money. That’s just outright criminal. White collar crime no doubt, but it’s still criminal. I guess time will tell whether this is for real or not.
I love BlackBerries, they’re great devices for integrating with your mail servers in your corporate network and I would hate to see the company and the great employees that work there have to take a hit because of some allegedly greedy executives.
You can read more about it here.