Stand by your man

Apple Says Options Probe Exonerates Executives

Apple Computer today exonerated its chief executive, Steven P. Jobs, of any wrongdoing in a stock options backdating probe.

Sometimes it’s hard to be a woman
Giving all your love to just one man
You’ll have bad times

As a result of the internal investigation, Apple said it would record $84 million in expenses related to the options awards.

And he’ll have good times

The news helped push shares of Apple up more than 5 percent this morning to just over $85.

Doin things that you don’t understand
But if you love him
You’ll forgive him

“The board of directors is confident that the company has corrected the problems that led to the restatement, and it has complete confidence in Steve Jobs and the senior management team,” the statement said.

Even though he’s hard to understand
And if you love him
Oh, be proud of him
Cause after all he’s just a man

But Mr. McGurn noted that Apple faced unique challenges.

“Apple is in a much more difficult position than other companies in the backdating morass, because a significant portion of its market valuation is based on Steve Jobs staying at his job,” he said.

Stand by your man
Give him two arms to cling to
And something warm to come to
when nights are cold and lonely

The language of Apple’s statement, coupled with the simultaneous resignation from the board of Fred D. Anderson, the company’s former chief financial officer, led analysts to believe that Apple and Mr. Jobs were attempting to distance themselves from any blame in the case.

Stand by your man
And show the world you love him
Keep giving all the love you can
Stand by your man

“Everything we know about Apple is that the compensation side is not something Jobs has ever been involved in,” Mr. Munster said. “The key thing, and the only thing Wall Street cares about, is whether Jobs will be impacted, and we don’t believe he will be.”

Stand by your man
And show the world you love him
Keep giving all the love you can
Stand by your man

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