So Apple was held up last week as a model of crisis management, with some even claiming Steve Jobs' statement on its problems with options, and the resignation of Jobs' adviser Fred Anderson, showed that everything was above board.

But the questions are continuing.

Laurie Flynn in the New York Times raises some important issues.

As Glass Lewis managing director Lynn Turner told Flynn: "I would say that Jobs and the Apple board threw Fred under the bus to keep it from hitting them."

Two big questions.

First, what does this mean for investors? The New York Times piece quotes Charles M. Elson, the director of the Center for Corporate Governance at the University of Delaware: "In the end, it will be up to the S.E.C. to decide."

Obviously, this problem is not going away.

Question number two: where does Jobs go from here?

One answer comes from Bloomberg's executive compensation columnist Graef Crystal.

Crystal pulls no punches in his piece.

Jobs should give $85 million or so back to shareholders, Crystal says, after the columnist reveals that Jobs benefitted from a switcheroo perpetrated by the Apple board. When options he was granted finished underwater, he was given 10 million free split-adjusted shares in March 2003. At the time, they were worth $75 million and restricted from sale for three years. When the restriction lapsed this year, they were worth $640 million.

Meanwhile, the pressure on backdating continues to grow with the FBI's criminal division head James "Chip" Burrus telling the San Francisco Chronicle that he'll take no prisoners in his investigations into backdating.

"Corporate executives by virtue of their position shouldn't be able to bet on a horse race that has already run. That's an unfair advantage over the ordinary investor, and it erodes the investing public's faith in the marketplace."

That's a chilling message for any executives implicated in the backdating scandal.