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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."
iBox?
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.
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.
A friend of mine told the story of his grandfather hording cash. Seems his grandpa was the mayor and, well, you get the idea. The cash was kept in a cabinet in the kitchen.
One day grandma comes home to find him and grandpa playing monopoly with real money. She was not amused.
We probably have about $150,000 in shoeboxes in my apartment. Unfortunately, they're in the form of my wife's shoes.
The balance on his bank account was 12 dozen shoes.
When things get complex, multiply by the complex conjugate.
Mattress or Shoe boxes, either one is safer than a lot of banks or investment firms these days.
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.
More so, this is kind of a big deal in the geek and tech industry. If this doesn't qualify as news than I have absolutely no understanding of the word. I would say that the employee of one of the top tech companies being caught in a scam where he made off with over $1 million dollars is quite certainly news for nerds and stuff that matters.
One of the problems with stashing $150,000 in cash is that you lose some $4,500/yr (or more) due to inflation. See http://en.wikipedia.org/wiki/File:US_Historical_Inflation_Ancient.svg
Oh so many jokes, and rightly. But. I will say this - even if you've made money legitimately, I'd say there's good reason to keep a little cash on hand. It's rare, but not unheard of (especially in recent years) for banks to fail. If I had a million or more, I think I'd like to keep 100,000 or so available as cash on hand, in case the rest of my money either got frozen temporarily (e.g. while the FDIC or other government or law enforcement agency takes over the bank and does an investigation), or disappears forever.
I don't think, however, I'd keep it in shoeboxes. Safe vaults were invented for a reason.
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.
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.
in the Banana Stand
Sir, I am an exiled Nigerian prince who needs some assistance in a financial transaction . . .
...The banana stand?
Today is red jello day - all workers must eat all of their red jello. Failure to comply will result in five demerits.