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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: mishedlo who wrote (179605)	7/13/2002 2:36:21 PM
From: mishedlo	Read Replies (2) of 436258

Stock Options Please Contact your senator at www.senate.gov Express your opinion NOW ====================================================================== I sent this to EVERY US Senator Subject: McCain's bill for reform of stock options. The following letter sent to Taryn Lynds at AeAnet.ORG who lobbied to kill McCain's bill. This summs up my position on the bill as well as any senator that acted on behalf of the fat cats to preserve the status quo. ======================================================================== The defeat of McCain's bill on stock options was is a victory for the fat cats of america and corporate insiders everywhere. It allows the continued raping of the American public and common shareholders. You must be proud. How much $ did corporations give you to lobby on their behalf. People are willing to do anything for money and you proved it too. Brocade gave 19% of the entire company in 1999 as stock options. This is not an isolated case this is the typical case. Brocade was a huge Multi-Billion $ company, not a startup needing protection. Those stock options were not expensed and resulted in mammoth shareholder dillution. We see shareholder equity dropping all over the place in spite of "earnings" statements that show DELL or whoever is making a profit. Why does shareholder equity drop although earnings are supposedly going up. You guessed it (stock options are one reason). Let's continue to hide the fact and continue to overstate profits and continue to suck in fools buying these companies so that the fat cat executives can continue to get filthy rich at common shareholder expense. Look at AGM (Aggie Mae). Why is this company falling like a brick. Could it be because 3 top execs gave 15% of the company last year via options to themselves. This is raping the american public. Pray tell, what other accounting reforms are you fighting? Probably all of them. Let's hide all the problems forever. I bet you are happy to see SEC filings come out on a delayed basis after proforma results are published. In fact why not extend that period to years later or never. I also like the idea of 3 page earnings satetments with 20 pages of footnotes that in various ways hide offshore deal and other nonsense. Hopefully you are working hard to eliminate the need to show these footnotes at all. Too much clutter. Don't lie to me about options being too hard to expense. Some of the more conservative companies like Boeing already do it. Others can too. There are easy ways to account for them. I know. I hope you can sleep with your decision to cheer this victory. For the record, what was your bonus for this victory to rape the American public? How much $ did your organization receive from corporations to fight this battle on their behalf? It's people like you that truly disgust me. Do anything for a price to keep the status quo going and collect fat bonuses while common shareholders wonder why their stocks keep going down. Congratulations on your victory for corporate insiders everwhere. Mike Shedlock

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