] At least one senator hopes Congress will let the new rule
] stand. "The issuance of FASB's new rule marks a victory
] in the decade-long battle to reform an egregious
] accounting practice that contributed to the worst
] corporate accounting scandals in our nation's history,"
] Illinois Sen. Peter Fitzgerald said in a statement
] Thursday. "In the aftermath of Enron, WorldCom, Global
] Crossing, Tyco, Adelphia and other corporate scandals,
] Congress should be trying to ensure that corporate
] earnings reports are more, not less, reliable."
You sir, are an idiot. The Enron, Worldcom, Global Crossing, Tyco, and Adelphia scandals are NOT the result of lacking stock option reporting. They are ALL the result of rampant corporate greed and misuse of company funds WITHIN the company. It had nothing to do with stock options in any of these cases.
Thank you FASB for setting the US back 30 years in its ability to compete, innovate, recruit and retain supreme talent, and generate wealth for those willing to work hard for it. Now we'll just have a system where the top execs get ALL the wealth created in an enterprise. Good job.
Stock option expensing required next year