VOA慢速英语 2007 0112a

This is the VOA Special English Economics Report.


Steve Jobs with the iPhone at MacWorld in San Francisco

Apple Computer had a big week. Steve Jobs, the chief executive officer, announced the company would now just be called Apple. And, at its MacWorld conference, he also presented the iPhone. It combines a wireless¹ phone, music and video player, and Internet communications device in one handheld product.

The next day, Cisco Systems brought a civil case. That company owns trademark² rights to the name iPhone. Apple was negotiating for permission to use it. Apple called the legal action silly. It said there were already several companies using that name.

Recently, Apple has had to deal with another issue: backdated stock options. A stock option is an agreement to trade a stock by a set date. Companies use options as a form of pay, often for their top people.

Imagine you work for the XYZ Company. You are given an option to buy one hundred shares of its stock at the current price, ten dollars a share; the option is good for one year.

A year later, XYZ stock has risen to twenty dollars. You use the option to buy the shares at ten dollars. Now you can sell them for twenty -- for a profit of one thousand dollars.

But what if the company backdated the option? Remember, XYZ stock was ten dollars when the option was created. But a month earlier, it was six dollars. Using that point as the starting date means more profit. Instead of buying at ten dollars, you can buy at six and sell at twenty.

In August of two thousand one, the Apple board of directors approved more than seven million shares in stock options for Steve Jobs. The options were created that December, but with an October date. That added twenty million dollars to their value, because the stock price was three dollars less.

Steve Jobs never exercised the options; he received five million shares instead. But Apple had to restate its earnings³ to correct its options accounting⁴. Last month the company restated its financial results for four years. Apple reduced its results by eighty-four million dollars.

In general, backdating options is not illegal but companies can get in trouble if they violate financial reporting rules. Options are taxed differently from normal pay. They can reduce taxes for companies and individuals.

Since two thousand two, backdating has been more difficult under the Sarbanes-Oxley law. Last fall, a Securities and Exchange Commission official said more than one hundred companies were under investigation⁵.

And that's the VOA Special English Economics Report. I'm Mario Ritter.

1 wireless   

adj.无线的；n.无线电

参考例句：

• There are a lot of wireless links in a radio.收音机里有许多无线电线路。
• Wireless messages tell us that the ship was sinking.无线电报告知我们那艘船正在下沉。

2 trademark   

n.商标；特征；vt.注册的…商标

参考例句：

• The trademark is registered on the book of the Patent Office.该商标已在专利局登记注册。
• The trademark of the pen was changed.这钢笔的商标改了。

3 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。

4 accounting   

n.会计，会计学，借贷对照表

参考例句：

• A job fell vacant in the accounting department.财会部出现了一个空缺。
• There's an accounting error in this entry.这笔账目里有差错。

5 investigation   

n.调查，调查研究

参考例句：

• In an investigation,a new fact became known, which told against him.在调查中新发现了一件对他不利的事实。
• He drew the conclusion by building on his own investigation.他根据自己的调查研究作出结论。