It Is Very Difficult for Steve Jobs to Keep His iPad Secret When You Insider Trade His Stock


The catch-22 of running the world’s most valuable tech company is that it’s so valuable that even suppliers want to cash in. Walter Shimmon, one of three people arrested for trading inside information on Apple stocks, accepted $22,000 in exchange for information about future Apple products and sales projections, which he learned as the former manager for Flextronics International, the company that makes camera and charger components for the iPhone and iPad. And thanks to the 39-page government complaint about rampant insider trading in tech stocks, the world now knows Apple’s secrets, too. Luckily, transcripts from wire-tapped conversations are from back when the iPad and the iPhone 4 were known by their (rather uncreative) code names: the K48 and the N90. Now we refer to the devices, respectively, as Rupert Murdoch’s New Playground and That Little Computer That Drops My Calls.

Apple’s Veil of Secrecy Pierced by Insider-Trading Suit [Bloomberg]