Tuesday, April 24, 2007


The WSJ reports that Apple’s (AAPL) former CFO Fred Anderson has settled with the SEC on his alleged participation in the backdating of stock options at the co and the agency is expected to pursue a civil lawsuit against the co's ex-general counsel Nancy Heinen on similar charges. Ms. Heinen, who will be accused of helping to manipulate one of her own option awards as well as a grant to CEO Steve Jobs, plans to contest the charges.

According to the WSJ, ABN Amro (ABN) may have agreed to sell itself to Barclays (BCS), but circling rival bidders and questions about its pact to sell its main US unit to Banc of America (BAC) mean the Dutch bank may still end up in other hands. A rival consortium of Fortis, Banco Santander (STD) and Bank of Scotland is planning ways to scotch the Barclays deal and, in particular, ABN's agreement to sell its US bank, LaSalle, to BofA. The consortium canceled a meeting with ABN mgmt yesterday in order to review its options. "In view of ABN Amro's decision to sell LaSalle Bank to BofA, the banks need to understand the circumstances under which this sale can be terminated," the consortium wrote.

Barron’s Online “Inside Scoop” section reports that Gap (GPS) founder Donald Fisher and his wife Doris shed some shares from their massive stake in the retail giant. The Fishers sold 1.82m shares for $34m. Both have served as directors since 1969 with Donald Fisher currently acting as Chmn emeritus. Their son Robert is Chmn and interim president and CEO. The proceeds from the sales were the largest earned by any co exec or director in the past 5 years. Donald and Doris Fisher continue to hold 61.7m shares of Gap. Jonathan Moreland, of InsiderInsights.com, says the sheer size of the family's exposure to Gap "mitigates the bearishness of their present selling."

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