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Politics : Ask Michael Burke
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To: Don Lloyd who wrote (68976)10/12/1999 7:48:00 PM
From: Michael Bakunin  Read Replies (1) of 132070
 
Here, I think, is where I weigh in. While I take both your and Wayne's points, I see you focus on economic costs and dilution. Conversely, I stick with trying to 'fix' GAAP. Sure, accounting's fake. Nevertheless, non-cash charges like goodwill and depreciation exist for a reason. I maintain options grants should be expensed by a non-cash charge as close as possible to the cost of inoculating against exercise. For the diamond miner, the costs of inoculation may be argued, but it seems to me that they are 1/1000th of the annual COGS. For Microsoft, the debate goes on, but it seems that the Black-Scholes value with reasonable inputs is a good start. -mb
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