If Apple Lost Jobs

Boston University's Post, who teaches corporate governance and ethics, believes that charges will be brought against Jobs.

"The backdating practices -- both the rationale and the process of doing the backdating -- that whole pattern hasn't been explained satisfactorily," Post says.

"What we know at this point is that Jobs knew backdating was a questionable practice; he deliberately acted to backdate the options [and] people benefited from that," he says. "You've got that intentional action that produces a windfall for some lucky people -- friends and associates of Steve Jobs -- and a loss for people who weren't," Post says.

"That's what the securities laws are there to protect against."

A lot of people want the company to be cleared, says Post, but Jobs doesn't appear to have "much inclination" of helping the process.

When asked about the possibility of Jobs' departure, Apple spokesman Steve Dowling reiterated that "the board has expressed its complete confidence in Steve and senior management."

Apple has said it is fully cooperating with the SEC.

Nevertheless, Apple's brash comments in filings that seem to thumb its nose at the seriousness of the backdating charges. Its recent 10-Q filing reads: "The resolution of these matters will be time consuming, expensive, and will distract management from the conduct of the company's business."

In other words, the investigations are a nuisance and keep Apple from making "insanely great" products.

In the meantime, investors will wait for news of an options resolution -- and how the Jobs-as-savior strategy will play out.