Apple inc. (AAPL): Is This the Only Adult in the Room?

Apple Inc. (NASDAQ:AAPL), whether it likes it or not, was found to have conspired with several major U.S. publishers to fix prices on e-books at around the time the iPad was introduced to the market. Whether the “conspiracy” was designed to offset the massive market-share lead in e-books that Amazon.com, Inc. (NASDAQ:AMZN) enjoyed at the time, may stil be debated around Cupertino, but one thing for sure resulted from the meetings that Apple Inc. had with the publishers – the pricing model for ee-books – which were initially based on whatever a retailer wanted to charge – were placed in control of the publishers.

Apple Inc (NASDAQ:AAPL)

Pay the monitor’s fee with this

While Apple Inc. (NASDAQ:AAPL) is currently complaining to the court about the excessive fees the court-appointed compliance monitor is charging – one of a few issues the company has with this whole thing – the company now has a patent that may make it easy for CEO Tim Cook to pay the $1,100-per-hour bill straight from his personal iPhone.  OK< well, once an iPhone actually has a near-field communication (NFC) antenna installed.

Although NFC has not made it onto an iPhone as of yet, Apple Inc. has received a patent that uses the technology as part of a system that it called a “secure enclave” to allow for more secure mobile transactions using NFC, Wi-fi and  Bluetooth.

According to the description, the system developed by Apple Inc. (NASDAQ:AAPL) would provide this “enclave” to store a customer’s car data, use NFC to begin a transaction by opening the communication lines with a point-of-sale (POS) machine, then Bluetooth and Wi-fi would be used to finish the transaction by transferring the encrypted card data to the POS device using the secure link created by NFC.

In the wake of security breaches at several retailers that compromised credit- and debit-card information of millions of customers nationwide and with inherent risks of Wi-fi being over-the-air, if there  is something that can enhance safety and security of such sensitive information and yet make transactions quicker and more mobile, then cerainlny one would think that NFC woulld be coming to an iPhone near us soon.

And now, the adult at Apple Inc. (NASDAQ:AAPL)

There was a TV show about the worst jobs in America. At the time, the job of Apple inc. (NASDAQ:AAPL) compliance monitor did not exist, but it just may be on that show now. Michael Bromwich just might have one of the worst jobs in America.

The former prosecutor was appointed by U.S. District Judge Denise Cote to monitor Apple Inc. in the wake of the price-fixing case, and his job is to ensure that Apple Inc. (NASDAQ:AAPL) complies with the order of the court and reforms how it enter into e-book contracts with various publishing houses – including those who were initially working with Apple Inc. But while Bromwich is trying to do his job – which includes understanding what Apple Inc. was doing in the first place in its dealings with e-book publishers, and ensure that Apple Inc. is not repeating the same mistakes – he is being stonewalled at every opportunity, as he wrote to the court.

Cote sent submitted a 64-page “reprimand” to Apple Inc. (NASDAQ:AAPL), telling the company that its stonewalling of the mkoitor is actually justifying the need for the monitor in the first place, since the monitor’s job is to make Apple Inc.’s process more transparent so the company does not get into trouble with the feds over its dealings with e-book publishers. Bromwich reported that he has only been granted little more than 12 hours of interviews in three months, and that seven of the 11 people he has interviewed were attorneys. He has requested speaking with CEO Tim Cook, design chief Jonny Ive and many of the board members – including former vice president al Gore – but has been denied access.

Must be tough being the only grown-up at headquarters.

 

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The 10 Best Countries To Work In the World

A Profitable Day At The Track: 5 Tips For Betting On Horses

Tearing You Apart: 6 Bad Habits That Ruin Relationships

Learning on the Job: The 6 Biggest Mistakes Parents Make

Shopaholics Rejoice: The 12 Biggest Malls in the World

Fright Night: 10 Horror Movies Based on True Stories

Mach Mania: The 10 Fastest Jets in the World

Military Heavyweights: The 10 Countries with the Most Tanks

All In: The 7 Richest Poker Players in the World

Abracadabra: The 10 Best Magicians in the World

The 10 Richest Asian Countries in the World in 2014

Eyes in the Sky: 10 Things You Need to Know About Drones

Rising Stars: The 6 Best Silicon Valley Startups

Military Muscle: The 5 Most Advanced Armies in South America

All that Glitters: The 7 Most Luxurious Jewelry Brands in the World

5 Things You Didn’t Know About ISIS but Should

Empowering Your Money: The 5 Best Energy Stocks to Invest In

The 11 Best Android Apps You Can’t Get on iOS

The 10 Most Important International Conflicts in 2014

Mood Enhancers: The 20 Most Uplifting Songs of all Time

Lover Beware: The 8 Countries that Cheat the Most

Breath of Fresh Air: The 25 Countries with the Best Air Quality on the Planet

Singles Beware: The 8 Worst Mistakes Made on First Dates

Healthy and Happy: The 10 Countries with Lowest Healthcare Costs

The 6 Best Company Team Building Activities to Build Workplace Camaraderie

Ships Ahoy: The 10 Busiest Shipping Ports in the World

10 Productivity Tips to Save You Time and Help You Do More With Less

Grab a Bite: The Most Popular Fast Food Restaurants in America

Friday Night Thirst: The 10 Most Popular Cocktails in the World

The 6 Greatest Unsolved Mysteries We May Never Figure Out

7 Useless Products You Never Should’ve Bought

The 5 Reasons Why You’re Single and Miserable

The 7 Most Addictive Foods in the World We Can’t Stop Eating (Even Though We Should)

5 Amazing Places You Can Swim with Dolphins

The Top 7 Most Livable Countries In The World

The 10 Most Expensive Baseball Cards Ever Pulled From A Pack

The 5 Easiest Second Languages to Learn for English Speakers

Silver Spoon: The 6 Richest Families in the World

The 20 Countries with the Largest Prison Populations in the World

The Top 10 Richest Actors in the World

The 10 Best Airline Stocks to Invest In Before They Fly Too High

Burger Kings: The 10 Most Expensive Burgers in the World

The 10 Most Ethnically Diverse Countries in the World

The 10 Most Exclusive Credit Cards in the World

The 10 Most Expensive Cruise Ships in the World

The 10 Fastest Supercomputers in the World

The 10 Best Countries for Doing Business 2015

6 Most Expensive Fruits In The World

10 Worst Airlines in the World

The 10 Biggest Tax Havens in the World to Stash Your Money

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!