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To: Raymond Duray who wrote (19204)	5/21/2002 9:05:05 AM
From: Moominoid	Read Replies (2) \| Respond to of 74559

The article on DELL showed how the sucking of money away from other shareholders shows up as changes in equity. At the moment that is treated as very poor financing of the firm - buying back shares at a high price and issuing at a low price. I can't really think what the best way of dealing with it is.. but the comment that charging for options issued would be like a non-cash charge like amortisation makes sense. Another thing I thought of was getting firms to buy back the shares at the same time as issuing the option. DELL is amazing - less than 1% of the options issued are to Michael Dell which are a big enough sum as it is (and like he needs his interests being aligned with shareholders anyway when he is the biggest shareholder LOL). David