Sun Microsystems makes fishy loans to Execs
Reuters | at | by Mike
Computer maker Sun Microsystems said on Friday it had loaned $6.3 million to six current and former executives and directors since 1999. About $5.4 million in loans, which date back to October 1999, were still outstanding as of Thursday, the company disclosed in a filing with the Securities and Exchange Commission. The Santa Clara, California-based company, which makes computers that manage networks, said it made the loans to help executives with vesting restricted stock, exercising stock options, and home purchases due to job-related moves. Jonathan Schwartz, the company's executive vice president for software, received loans totaling $4 million, which were still outstanding, according to the SEC filing.