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Audio: RIM’s Balsillie speaks about whopping $77 million settlement with OSC

By on February 6, 2009 at 12:43am in Asides, Mobile News

jimmikeThe hammer dropped yesterday when the Ontario Securities Commission ordered RIM Co-CEO’s Mike Lazaridis and Jim Balsillie, plus former CFO Dennis Kavelman to pay a whopping $77 million to settle stock option backdating since 1996.

The OSC said this is a “fundamental failure” of corporate governance. In addition, Jim Balsillie will step down from the board of directors position. National Post Reporter David George-Cosh captured audio of Balsillie after the official announcement. Click here to listen

Related posts:

  1. Bring on the Storm! Balsillie speaks about the “current environment”
  2. Balsillie gets another award, this time the 2009 I.D.E.A.
  3. $100 million? RIM reaches agreement with Ontario Securities Commission
  4. RIM Co-CEO, Jim Balsillie will receive the ‘Men of Distinction’ Award

Discussion

One comment for “Audio: RIM’s Balsillie speaks about whopping $77 million settlement with OSC”

  1. well, at least he says "mistakes were made", but he doesn't go on to say "by me". rather, there's a lot of "we" and "our organization", which indicates an attitude of distancing himself from any personal responsibility.

    he also says numerous times "we're very happy to put this behind us", which hints at a fear that it could have gone much worse for him.

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    Posted by midtoad | February 6, 2009, 8:20 am
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