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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Moominoid who wrote (19089)5/18/2002 5:17:24 PM
From: Raymond Duray  Read Replies (1) of 74559
 
Hi David,

Re: Last bit I was reading was on executive stock options etc. Not sure if I should have that in the course

I agree with CB, it would be a valuable addition to the course. Stated more strongly perhaps than CB would, the present law regarding executive stock options is a scandal in the US and has been one of the principal distortions of the stock market, leading to vast manipulations and deceptions. It's quite a tantalizing subject, and one your students would surely enjoy getting into.

I love the image of Warren Buffett and John Doerr going head to head on this one. Off the top of my head, I don't have their most salient quotes, but the argument boils down to Buffett saying that the way that the US tax code accounts for stock options is a fraud, since it doesn't call an expense and expense. And in defense of present practices, Doerr whines about how he and his ilk will be de-incentivized if the accountancy were truthful. Though not quite in those words.

I believe your students will find you far more fascinating if you take on that options controversy than to, say, discuss "utiles" or "hedonics" or whatever the current buzzword/euphemism/diversion is au courant in academe these days.

JM2C, Ray
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