Cisco's corporate controller, Dennis D. Powell, told the finance subcommittee of the House Commerce Committee that barring the accounting method called "pooling of interests" would "impede capital formation and slow job creation" because it will discourage mergers.
I thought the main purposes of mergers was to eliminate jobs, not create them, or at best, ship them to Mexico or Asia. Of course, that purpose just edges out the need to terminate vacation accruals, eliminate seniority, reduce or eliminate pension plans, and reduce or eliminate medical coverage. So that seems to be in contrast with Cisco's view. <g> Oh, I forgot about the part where all unexercised options of executives become immediately exerciseable and the top brass of the swallowed company get really rich really quick. Oh, and the other CEO goes his/her own way with a golden parachute and obscenely huge pension for their two years' work (ala Mattel). |
