Monthly Archive for January, 2007
Some MacBook Pro and MacBook customers (me included) have the faster 802.11n Wi-Fi chip already sitting in their systems, but it will cost $2 to light it up.
Apple said it is required under generally accepted accounting principles to charge customers for the software upgrade. “The nominal distribution fee for the 802.11n software is required in order for Apple to comply with generally accepted accounting principles for revenue recognition, which generally require that we charge for significant feature enhancements, such as 802.11n, when added to previously purchased products,”
See artical by Tom Krazil CNET News.com “Apple to charge for faster Wi-Fi“
Jim Clark resigned his position as chairman of Shutterfly three months after the IPO in a letter that was attached to the required SEC filing. Jim didn’t realize the letter, revealing his frustrated and frank attitude, would be released publicly. Now that it has he sat down with Nanette Byrnes from Business Week for a detailed conversation detailed in the article, “Jim Clark - Clipped Wings at Shutterfly.”
Jim suggested, “When I wrote that I had no idea it had to be attached to the document that went to SEC [the Securities & Exchange Commission]. That was a genuine statement. I basically kept that company alive. I became its bank. I hired the current CEO and had been involved in every step. I made a $30 million investment. I had been on the compensation committee, which seems like a rational committee for the largest shareholder to be on. Then suddenly I start realizing all these constraints on me.”
Jim continued by explaining that SOX is biased against board members who actually own the company. He explains, “Jeff [Housenbold, Shutterfly’s CEO] brought in some excellent board members. They just don’t own much of the company. Sarbanes-Oxley seems to take the point of view that if you own part of a company that’s a bad thing. I read all the time about the problems of a CEO having stock in the company. I wouldn’t want it any other way. What do we want to do, go back to days of Henry Ford, when 10 people owned the company?”
Nanette asked Jim what he thought about SOX and he responded, “If it did anything for you it would be O.K., but I’ve seen absolutely nothing except at least a doubling of the legal and audit bills. It’s very bad for small companies. The current notion of exempting smaller companies from Sarbanes-Oxley is stupid. Every small company wants to be a big company. It’s a continuum [so they’ll have to comply anyway]. It needs to just be flushed down the drain.”
Check out the full interview here. Hat tip to Inside SOX for the pointer.
The SOX blog pointed out that both Senator Sarbanes and Representative Oxley retired this year. Will their departure spell the end of the Sarbanes-Oxley Act of 2002. The SOX blog suggests, “The act, which was passed hastily in the wake of the Enron scandal, was surely well-intentioned. But it has proven counterproductive in the extreme, and Congress would best honor the departing lawmakers by repealing it.”
Just before the Hollidays I spent a week at the Center for Creative Leadership. This was the first time I have participated in any leadership or management training in over 15 years. I had a great time and the program exceeded all my expectations!
This was more than just work. In this course you’ll learn more about yourself, about ways you can reconnect more effectively with those in your workplace and your family, about ways you can improve your health. In addition you’ll spend time in beautiful surroundings (Colorado Springs), and stay at the Broadmore. No bad duty.
