Samueli Spills His Secrets For Success
...The former CEO advised students about factors of luck and circumstance in starting a business.
That sounds pretty chirpy and upbeat.
But wait a minute! Isn’t this Samueli fella some kind of felon? Wasn’t he recently convicted of some sort of fraud? Sure he was.
I clicked on the link to the New University’s Samueli story. “Dr. Henry Samueli, co-founder of the Irvine-based Broadcom Corporation,” it says, “discussed the reasons behind the company’s success” last Thursday at the “McDonnell Douglas Engineering Auditorium.”
McDonnell Douglas? Sheesh.
I scanned the rest of the article. It kept being positive. Samueli’s Broadcom Corp, it goes on to say, is a “global leader in wired and wireless communication …According to Samueli, the military, which was Broadcom’s major client during the company’s startup days, provided an advantage and paved the way for later success.”
Chirp, chirp, chirp. Bang, bang, bang.
Evidently, Samueli explained how he landed contracts with big companies such as Intel. Plus there was Broadcom’s “expansion into different fields.”
Gotta have good technology, said the S-man.
And you’ve gotta have good timing. Don’t be too early, don’t be too late.
Be just right.
Apparently, students in the audience asked questions. Some kid asked about “stimulus.” Samueli explained that business partnerships are “key.”
What about luck and risk? Yeah, you gotta take risks, be lucky. --And maintain rigidity. Don't forget that!
And what about those Might Ducks?!
The New University noted that, while Broadcom “has shown Samueli’s entrepreneurial growth and spirit, his philanthropy and outside interests have garnered equivalent success.”
Gosh, he sure is a swell guy.
Finally, in the last and 28th paragraph, we read that
Despite Samueli’s entrepreneurship at Broadcom, he has been suspended indefinitely by the NHL in regards to the Ducks’ operations, now helmed by Michael Schulman. This is due to his lawsuit dealing with illegal backdating of stock options last year. Additionally he stepped down from his board position at Broadcom.
Hmmm. According to Wikipedia,
On June 23, 2008, Samueli pleaded guilty for lying to SEC for $2.2 billion of backdating. Under the plea bargain, Samueli agreed to a sentence of five years probation, a $250,000 criminal fine, and a $12 million payment to the US Treasury. His sentencing is scheduled for August 18….
During the technology boom in the 2000s, Samueli and Broadcom co-founder Henry T. Nicholas III awarded millions of stock options to attract and reward employees. Prosecutors alleged Samueli and Nicholas granted options to others, including some other top executives but not themselves, to avoid having to report $2.2 billion in compensation costs to shareholders.
Prosecutors focused on the fact that Samueli denied under oath any role in making options grants to high-ranking executives. As part of his plea agreement, Samueli admitted the statement was false, and admitting to being part of the options-granting process while not acknowledging that the options awards were flawed.
On September 8, 2008, U.S. District Court Judge Cormac Carney rejected a plea deal that called for Samueli to receive probation, writing: "The court cannot accept a plea agreement that gives the impression that justice is for sale".
1 comment:
Samueli may not be an an angel, but the Henry that's generally considered to be the "rat bastard" is Henry NICHOLAS. Samueli's made some mistakes but he's mostly thought of as a pretty stand-up guy.
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