Four months after opening its review of Apple’s finances, the Securities and Exchange Commission has closed it, having found nothing untoward about the company’s handling of its overseas cash and related tax policies. In a September letter to Apple, released late last week, the SEC said it had completed its review of the company’s fiscal 2012 […]
Apple Inc Chief Executive Tim Cook made no apology on Tuesday for the iPad maker saving billions of dollars in U.S. taxes through Irish subsidiaries and told lawmakers that his company backs corporate tax reform, even though it may end up paying more. The Senate Permanent Subcommittee on Investigations has found that Apple in 2012 alone […]
Let's use Luca Maestri’s move from Xerox to Apple as a discussion starter: Apple Inc. (AAPL), the world’s most valuable company, has hired Xerox Corp. (XRX) Chief Financial Officer Luca Maestri as its corporate controller. […] “Moving from Xerox to Apple is a step up, even going from CFO to controller,” John Bright, an analyst […]
Martin Sullivan cites a KPMG study from 2005 that was ahead of its time: "The main point is not that accusations are often unjustified, but the fact that they are made at all. Tax has news value now and, although often unfounded, 'naming and shaming' attacks on alleged tax avoiders can damage their reputations in the eyes […]
Last weekend, the New York Times ran an exposé on Apple and its "sidestepping" of taxes. Since it's been a week-ish, I think things have quieted down enough so we can take this discussion in a new direction. Specifically, how the Times' tax coverage, of late, has been the equivalent of ten pounds of monkey shit stuffed […]
The Post reports that the Jobs family can avoid a lot of taxes on the Apple stock that they will inherit from Steve if they sell the stock right away. He held about 5.5 million shares, priced at just under $370 today. Of course he also was large shareholder in Disney, with shares worth about $4.4 billion. So between those two little grips, maybe Adrienne was right about SJ. [NYP via TaxProf]
Apple Insider reported yesterday that when Apple CFO Peter Oppenheimer was asked about Google’s acquisition of Motorola he reportedly said, “$12.5 billion is a lot of money.” Now, I don’t know anyone that would say, “$12.5 billion is pocket change,” or “I piss on $12.5 billion.” Not even the most ostentatious Russian oligarch would be so bold to laugh in the face of that sum of money.
Having said that, it appears the Wall St. Journal seems to think that Oppenheimer’s statement are akin to fighting words, as illustrated by the headline: “Apple CFO Snipes at Google’s Motorola Bid” which included the following:
Peter Oppenheimer, Apple’s CFO, took a shot at Google when asked about the company’s $12.5 billion bid for Motorola Mobility Holdings during a conference call with investors hosted by Gleacher & Company. Oppenheimer said that companies should invent their own technology rather than buy it from the outside, adding that “$12.5 billion is a lot of money,” according to a report from Apple Insider.
First of all, to look at Peter Oppenheimer you wouldn’t think he’s capable of “sniping.” Secondly, “snipe” is defined as “To make malicious, underhand remarks or attacks” according to Wiktionary. For example, if Oppenheimer had said something like, “Larry Page couldn’t get laid in a monkey whorehouse with a bag of bananas” or “Androids are the Yugos of the smartphone world,” those would qualify as snipes. They are malicious, underhanded and are attacks.
Conversely, “$12.5 billion is a lot of money” is not a snipe. It is a statement of a fact-ish. It is a lot of money. You could argue that it is Oppenheimer’s opinion but as posited above, very few would argue that it isn’t a lot of money. Is Google overpaying for Motorola? That’s the question Michael Hickins ultimately asks in his article but somehow the hook for this was that Apple’s CFO brings the same level of snark as the CEO.
Ron Fink at CFO Journal reports that CFOs that are breaking out in a rash due to auditor rotation anxiety might be having a knee-jerk hypochondriacal reaction.
You see, the company that the media loves to figuratively fellate, Apple, opted to put their audit business out to bid every five years and not only have costs gone down, “it has reported no problems with its financial results as a result of the change.” So now Apple is also more progressive and transparent with their corporate governance processes than your company. And you don’t have the iPad. [CFO Journal]
Question: Who says “no” to Apple when offered a job? Answer: Blackstone Group CFO Laurence Tosi.
And what does one do when you commit an act of such allegiance? You tell the boss, natch:
Apple Inc. approached Blackstone Group LP Chief Financial Officer Laurence Tosi to become its finance chief, three people with knowledge of the matter said.
Tosi told Blackstone CEO Stephen Schwarzman that he plans to stay, rather than join Apple, said two of the people, who asked not to be identified because the talks were private.
The ‘Berg reports that because Apple has cash burning a hole in their pocket, they may be looking for a CFO who has acquisition experience and in case you haven’t heard, that’s sorta what Blackstone does. Apple gave the classic “non-denial denial” telling Bloomberg that they are “not conducting a CFO search,” and Pete “loves the company and is extremely happy in his role.”
But that doesn’t make him Laurence Tosi, does it?
No, a for-real rocket scientist.
Apple Inc. named former Northrop Grumman Corp. Chief Executive Officer Ron Sugar as a director, adding an aerospace-technology expert to a board that includes leaders in retail, cosmetics, software and politics.
Sugar, 62, will serve as the board’s audit and finance committee chairman, Cupertino, California-based Apple said today in a statement. Sugar headed Northrop, the third-largest U.S. military contractor, from 2003 until last year, helping the company consolidate $26 billion in acquisitions.
Okay, accounting/auditing isn’t the most mind-bending of trades, so why does Steve Jobs feel the need to appoint someone who has spent most of their careers putting things into space as their audit and finance chairs? We’re sure Mr. Sugar is an extremely smart man – c’mon, A ROCKET SCIENTIST! – and is obviously good with numbers but doesn’t this level of irrelevant expertise seem a tad ridiculous? Just wondering out loud.
Law Remakes U.S. Financial Landscape [WSJ]
The Journal asked twelves experts about the bill, many of whom are not nearly as impressed as the Deal Professor. “Congress approved a rewrite of rules touching every corner of finance, from ATM cards to Wall Street traders, in the biggest expansion of government power over banking and markets since the Depression.
The bill, to be signed into law soon by President Barack Obama, marks a potential sea change for the financial-services industry. Financial titans such as J.P. Morgan Chase &