Entering adulthood in a boom or a bust also can have implications for people’s behavior at work, even decades later.For example, CEOs who begin their careers in prosperous times tend to use riskier financial strategies than CEOs who first enter the workforce in recessions. Yes, at least when you analyze their stock backdating behavior, a common yet almost always illegal practice throughout the 1990s and 2000s.Combined with the eroded value of his stock options in the dot-com bust, Jobs said he wasn't feeling properly compensated for his work.He was also feeling pretty stung that Apple's board never approached him with a stock option reward without his prompting.The stock market had more than doubled in the previous five years, and the unemployment rate was at a 30-year low.The United States, Greenspan reminded graduates, was enjoying, “the greatest prosperity the world has ever experienced.” Imagine you were sitting in the audience that day, about to begin constructing your career. Would these expectations have been different if you had entered the working world just 10 years later, during the Great Recession?In the deposition, Jobs told SEC lawyers during a March 2008 interview that he initially approached Apple's board of directors in 2001 about a stock option grant out of perceived lack of respect.
Backdating itself isn't illegal, but not telling the SEC or stockholders about it is considered securities fraud.
Growing regulatory environment, higher business complexity and increased focus on accountability have led enterprises to pursue a broad range of governance, risk and compliance initiatives across the organization.
However, these initiatives are uncoordinated in an era when risks are interdependent and controls are shared.
Had management lost its way or was it a ticking time bomb from the beginning?
Many experts summarize "what happened" at Enron using two words, greed and arrogance.