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Apple Exec Stashed $150,000 In Shoe Boxes
angry tapir writes "US federal agents found more than US$150,000 in cash when they searched the house of Apple manager Paul Devine earlier this month, according to prosecutors. 'He had over $150,000 stored in shoe boxes,' Department of Justice Attorney Michelle Kane said. Devine was charged two weeks ago with taking kickbacks from Apple suppliers."
You don't use shoe boxes, they're too obvious.
Seriously, if this guy was socking cash back and wanted to hide it from the feds, why didn't he think of better hiding places?
Heck, just watching the Sopranos would give you some better ideas for cash placement than shoe boxes all over the house.
Light travels faster than sound. This is why some people appear bright until you hear them speak.........
Maybe he just don't trust banks to be to big to fail anymore.
That would be an awesome name for an Apple-themed porno...
Living With a Nerd
What's next "Apple Employee Cuts Line at Starbucks"?
Hardly stuff that matters
"Hatred is the coward's revenge for being intimidated"
There are lots of ways to securely stash cash. shoeboxes under the bed are not one of them. a run to home depot for a post hole digger, some PVC pipe and caps = a money safe the feds wont find.
Although this guy does not look like the type that knows how to run a complex device like a shovel.
Do not look at laser with remaining good eye.
That's true in inflationary times. We are not in inflationary times however.
Even large well-run companies are holding tons of cash right now.
Hey, that beats the hell out of losing $60,000/yr due to insolvent banks and plummeting securities.
If libertarians are so opposed to effective government, why don't they all move to Somalia?
And how is that any different from leaving it in a bank account that doesn't gain anything other than some joke interest rate? Or stocks that can collapse overnight on the whim of an all-boys club having a laugh about a crop failure on the other side of the planet? Or property that may rise in the long term, but true gains are actually eaten by taxes, insurance and maintenance costs (assuming you can afford to buy without debt)?
Um, I hate the obviously anti-Apple news as much as the next Apple fanboi but this is hardly negative Apple news. In fact, I can't find even a vague hint of anything negative being directed at Apple in this situation.
That's odd, this story causes me to wonder how much corruption is rampant at Apple if we scratch the surface and find shoe boxes with cash ... whatever the case here in the US, this certainly illustrates the growing problems that Apple and many other companies are having with foreign counterparts guilty of "when in Rome" infractions against ethics and business.
I used to think "Made in America" when I bought an Apple product. Then after realizing it was all coming from Taiwan and China I thought "Invented in America, Made in China" but I still imagined this premium I was paying lead to good American ethics and proper treatment of employees to consumers. The deaths of nine or more plastics workers in Apple's iPhone supplier followed by a million in kickbacks being stored in shoe boxes by a corrupt Apple Manager and suddenly I realize that buying Apple just means you're paying a premium on something that might provide you a better experience but really employs all the same corruption inherent in almost any very large business.
While I'm not faulting Apple anymore than -- say -- Samsung or Sony, they've dropped from high standards of worker and consumer ethics all the way down to 'one of the rest.' Maybe they're simply too big to control that now but you better believe this is negative to someone like me. I've only ever bought (to my knowledge) iPod shuffles as gifts and a single exclusive album on iTunes but you won't catch me buying anything else from them for a while.
My work here is dung.
And it is WAY better than losing 100% to the feds.
from TFA:
Prosecutors say that Devine shared confidential information on Apple products such as the iPod and iPhone in exchange for cash kickbacks. He allegedly provided suppliers with projected sales figures, data on how much it cost Apple to produce the products, and pricing bids from supply chain competitors.
This looks a lot more like "corporate espionage" than "kickbacks". I usually consider kickbacks to mean that he accepted bribes from clients for favoritism. But this guy was basically getting paid to spy on his employer and provide intelligence.
I work for the Department of Redundancy Department.
Until it burns. A house is a particularly bad place to store lots of cash.
They hire Procurement people to wrestle every penny out of a partner; and then expect them to behave differently when it comes to their own pockets? Sounds like poor controls to me.....