How about “Tim Cook gives himself a $750 million dollar hug.”
Or this “Tim Cook, fearless fighter for equality, now a billionaire.”
Or this “Tim Cook receives $750 million dollars in additional compensation, thanks Chinese Communist Party.”
Geoffers
“Tim Cook goes about his lawful private business so what the fuck has it got to do with you?” – no newspaper ever
Tim the Coder
@Geoffers
I take your point, but when a senior exec of a publicly traded company chooses to sell a shed load of its stock, I think the other shareholders have an interest: it’s not as if he’d sell knowing the value of that stock was about to soar now…
So not entirely a private matter, but perfectly normal and legal practice.
Yet the lefties tell us it’s good for execs to have lots of stock in their company, so their interests are aligned beyond fat cash bonii (ahem). Yet realising that incentive has them foaming.
But the BBC is just rabble rousing. Politics of envy. Level it and burn the ashes.
Andrew C
Off topic but satisfying.
Stealing a collection box set up in a pub in honour of murdered soldier Lee Rigby is a despicable thing to do. It’s also a dumb thing to do if the landlord of the pub is a former soldier who did three tours in Afghanistan and served alongside Rigby. The landlord gave chase…
“When I got to [the thief] he dropped the box and started making threats so I restrained him until the police arrived.
That story is irritatingly light on how many times the thief accidentally tripped over the kerb.
Dennis, Dispensing Wisdom. Or Something.
“Tim Cook goes about his lawful private business so what the fuck has it got to do with you?” – no newspaper ever
Apple was required by federal law to publicly disclose the sale. Required when such a sale involves senior management. It’s the sort of information deemed to be important to investors and potential investors. So, in this case newspapers are actually (1) doing their jobs, and (2) serving the public interest.
That’s what the fuck it has to do with me.
Interested
That pub landlord has some stones, appearing in the media and living in Bury. It’s just round the corner from half the country’s jihadis- dead or in hiding inside a month I’d say. Fair play to him, though.
Bongo
Thank you for sharing that story AndrewC.
I’m in Bury typically once a year, typically for the market, the pies and the Jihadi looking grand-dad selling metal T-shirts. Didn’t know about The Two Tubs pub though until now. A good pub landlord indeed.
Bloke in North Korea (Germany province)
“That pub landlord has some stones, appearing in the media and living in Bury. ”
Naah, you don’t know Greater Manchester well enough. The jihadis are in Longsight, Rochdale, Oldham, a few in Stalybridge, and to a lesser extent (because less jihadi tendency rather than less efnick) in Bolton.
I know it all looks close on a map, but none of them ever go to Bury. Who would?
RichardT
Dennis, Dispensing Wisdom. Or Something. said:
“It’s the sort of information deemed to be important to investors and potential investors. So, in this case newspapers are actually (1) doing their jobs, and (2) serving the public interest.”
The fact that an insider has sold a load of shares is in the public interest – at least that fairly large section of the public who are investors or potential investors in Apple – it’s important information for them and the sort of thing that companies should disclose, and should be reported on, to make sure that companies aren’t operated for the benefit of insiders rather than all shareholders.
But thanks headline 1, the FT one, which I don’t think anyone is objecting to.
Headlines 2 and 3 are misleading – they don’t give the required information that an insider is selling a large tranche of shares, and they give the false impression that the company is paying out a large sum of money to an employee (it’s not – it’s already made and reported the payments when the shares or options were issued).
So no, headlines 2 and 3 are not “newspapers doing their job”, they are newspapers failing to do their job, either because the journalists (or headline writers) involved don’t understand what they are writing about, or because they think making a political point is more important than reporting what has actually happened.
RichardT
Bloke in North Korea (Germany province) said:
“The jihadis are in Longsight, Rochdale, Oldham … I know it all looks close on a map, but none of them ever go to Bury. Who would?”
Well, I go for the black puddings from the market, but it would an unusual jihadi who did that.
Interested
@BiG that’s round the corner and if they’ll travel to London to stab people I wouldn’t bet against them travelling to Bury. I was sort of joking obviously but sort of not. It’s absolutely breathtaking how we’ve got ourselves in this position.
John77
The FT also reveals *why* Tim Cook was selling so many shares “$397m were withheld by Apple to cover Cook’s tax obligations when stock options vest”.
That is part of the important information that Dennis reasonably demands.
The FT was doing its job – the broadcasters were, at best, grossly incompetent.
Tim Cook could not have paid his tax bill without selling a lot of shares – the $397m substantially exceeded his net worth excluding his shareholding – his salary of $3m would have produced $30m before tax and living expenses over the ten years he has run Apple.
Tim Worstall
If memory serves he didn’t have options – grants. But yes, same difference.
How about “Tim Cook gives himself a $750 million dollar hug.”
Or this “Tim Cook, fearless fighter for equality, now a billionaire.”
Or this “Tim Cook receives $750 million dollars in additional compensation, thanks Chinese Communist Party.”
“Tim Cook goes about his lawful private business so what the fuck has it got to do with you?” – no newspaper ever
@Geoffers
I take your point, but when a senior exec of a publicly traded company chooses to sell a shed load of its stock, I think the other shareholders have an interest: it’s not as if he’d sell knowing the value of that stock was about to soar now…
So not entirely a private matter, but perfectly normal and legal practice.
Yet the lefties tell us it’s good for execs to have lots of stock in their company, so their interests are aligned beyond fat cash bonii (ahem). Yet realising that incentive has them foaming.
But the BBC is just rabble rousing. Politics of envy. Level it and burn the ashes.
Off topic but satisfying.
Stealing a collection box set up in a pub in honour of murdered soldier Lee Rigby is a despicable thing to do. It’s also a dumb thing to do if the landlord of the pub is a former soldier who did three tours in Afghanistan and served alongside Rigby. The landlord gave chase…
“When I got to [the thief] he dropped the box and started making threats so I restrained him until the police arrived.
https://www.bbc.co.uk/news/uk-england-manchester-58359182
That story is irritatingly light on how many times the thief accidentally tripped over the kerb.
“Tim Cook goes about his lawful private business so what the fuck has it got to do with you?” – no newspaper ever
Apple was required by federal law to publicly disclose the sale. Required when such a sale involves senior management. It’s the sort of information deemed to be important to investors and potential investors. So, in this case newspapers are actually (1) doing their jobs, and (2) serving the public interest.
That’s what the fuck it has to do with me.
That pub landlord has some stones, appearing in the media and living in Bury. It’s just round the corner from half the country’s jihadis- dead or in hiding inside a month I’d say. Fair play to him, though.
Thank you for sharing that story AndrewC.
I’m in Bury typically once a year, typically for the market, the pies and the Jihadi looking grand-dad selling metal T-shirts. Didn’t know about The Two Tubs pub though until now. A good pub landlord indeed.
“That pub landlord has some stones, appearing in the media and living in Bury. ”
Naah, you don’t know Greater Manchester well enough. The jihadis are in Longsight, Rochdale, Oldham, a few in Stalybridge, and to a lesser extent (because less jihadi tendency rather than less efnick) in Bolton.
I know it all looks close on a map, but none of them ever go to Bury. Who would?
Dennis, Dispensing Wisdom. Or Something. said:
“It’s the sort of information deemed to be important to investors and potential investors. So, in this case newspapers are actually (1) doing their jobs, and (2) serving the public interest.”
The fact that an insider has sold a load of shares is in the public interest – at least that fairly large section of the public who are investors or potential investors in Apple – it’s important information for them and the sort of thing that companies should disclose, and should be reported on, to make sure that companies aren’t operated for the benefit of insiders rather than all shareholders.
But thanks headline 1, the FT one, which I don’t think anyone is objecting to.
Headlines 2 and 3 are misleading – they don’t give the required information that an insider is selling a large tranche of shares, and they give the false impression that the company is paying out a large sum of money to an employee (it’s not – it’s already made and reported the payments when the shares or options were issued).
So no, headlines 2 and 3 are not “newspapers doing their job”, they are newspapers failing to do their job, either because the journalists (or headline writers) involved don’t understand what they are writing about, or because they think making a political point is more important than reporting what has actually happened.
Bloke in North Korea (Germany province) said:
“The jihadis are in Longsight, Rochdale, Oldham … I know it all looks close on a map, but none of them ever go to Bury. Who would?”
Well, I go for the black puddings from the market, but it would an unusual jihadi who did that.
@BiG that’s round the corner and if they’ll travel to London to stab people I wouldn’t bet against them travelling to Bury. I was sort of joking obviously but sort of not. It’s absolutely breathtaking how we’ve got ourselves in this position.
The FT also reveals *why* Tim Cook was selling so many shares “$397m were withheld by Apple to cover Cook’s tax obligations when stock options vest”.
That is part of the important information that Dennis reasonably demands.
The FT was doing its job – the broadcasters were, at best, grossly incompetent.
Tim Cook could not have paid his tax bill without selling a lot of shares – the $397m substantially exceeded his net worth excluding his shareholding – his salary of $3m would have produced $30m before tax and living expenses over the ten years he has run Apple.
If memory serves he didn’t have options – grants. But yes, same difference.
Yes, they’re RSUs not options.