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Court Rules Ellison Must Donate $100M to Charity

Posted by CowboyNeal on from the forced-benevolence dept.

PokeyPenguin writes "As part of a settlement for insider trading allegations, a California judge has ordered that Larry Ellison donate $100 million to charity. CNet reports, 'The charity payments are an unusual way to settle such a case. Typically, settlement payments would go directly to the company, in this case Oracle. "But with Mr. Ellison owning a quarter of Oracle's stock, much of such a direct payment, in effect, would have gone to him."'"

6 of 191 comments (clear)

  1. Re:why not pay the shareholders? by sketchkid · · Score: 4, Interesting

    well the long-term investors - those who were damaged at the time of illicit trading and have sustained a drop in shareholder wealth - are compensated with the recapitalization of the company

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  2. $17 Billion Dollars? by el_womble · · Score: 5, Interesting

    So the settlement was for 0.6% of his personal worth? Or bearly equivalent to a speeding ticket to a guy on $30,000 and he gets 5 years to pay it and no criminal record?

    That's justice right there.

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    Scared of flying, pointy things snce 1979!
  3. Great Solution by Anonymous Coward · · Score: 5, Interesting

    Why not just exclude his stock from the distribution of the settlement. That way the people he screwed could still benefit from this settlement.

  4. No wrongdoing? by sh0dan · · Score: 5, Interesting
    From TFA:
    Ellison offered in September to settle the case with $100 million in charitable donations and without admitting wrongdoing.
    I'm really puzzled about this. Can someone explain to me, how you can pay yourself out of a wrongdoing?

    To - you have either done nothing wrong, and you are free, or you have done something wrong and have to pay for it. Maybe I'm just naiive, but how can it be "nothing wrong" and paying back money?
  5. $100 million or $100 million of Oracle software? by DrXym · · Score: 4, Interesting

    Not the same thing at all, though it doesn't stop the likes of Bill Gates mixing up the two. Seriously though if Ellison has to stump up the cash, he should strategically give it to open source projects where it would be the most benefit to Oracle.

  6. See the Nixon pardon by mangu · · Score: 4, Interesting
    how can it be "nothing wrong" and paying back money?


    He admits nothing, but other people believe he did something wrong. As Gerald Ford said when he granted Nixon's pardon: "I am compelled to conclude that many months and perhaps more years will have to pass before Richard Nixon could obtain a fair trial by jury", and "To procrastinate, to agonize, and to wait for a more favorable turn of events that may never come or more compelling external pressures that may as well be wrong as right, is itself a decision of sorts"

    .
    For someone like Ellison, paying $100 million is nothing compared to waiting years for a trial, even if he were considered "not guilty" in the end.