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Technology Stocks : Siebel Systems (SEBL) - strong buy? -- Ignore unavailable to you. Want to Upgrade?

To: Gary L. Kepler who wrote (5942)	6/8/2002 1:21:12 PM
From: hueyone	Read Replies (3) \| Respond to of 6974

Companies have internally debated the proper treatment on options for over 10 years without clearly finding a flaw with current treatment. Company employees, especially CEOS, have a vested interest in ignoring the flaw. After all, they have a golden pipeline running for stealth compensation that they can keep hidden from shareholders. Right now, they are spending millions of dollars to lobby our Congress to keep the golden pipeline open for business. Many independent observers whose pockets are not connected to the stealth compensation pipeline in some manner have readily spotted the flaw. To name a few: The Financial Accounting Standards Board, the International Accounting Standards Board, the Council of Institutional Investors, Warren Buffet, Alan Greenspan, Paul Volcker, Standard and Poors, 2001 Nobel prize winner Joseph Stiglitz as well as the accounting departments of many Wall Street firms. Here is a fable by Charlie Munger that shows how the employee stock options game raises the cash equivalent levels in companies who employ it: bluechipinvestorfund.com The problem I have is option issuance has been excessive particularly for senior executives. Glad to hear that you are in agreement with me on this point. Many people seem to agree we have a problem in this regard. I guess where people disagree is how to fix the problem. Best, Huey