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

The 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