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To: GVTucker who wrote (174358)	5/4/2003 2:52:56 PM
From: Tushar Patel	Read Replies (2) \| Respond to of 186894

Stock Options Expensing One of the best articles I have seen on this subject appeared in March 2003 Harvard Business Review - "For the Last Time - Stock Options are an Expense". (For the record, the same magazine had an article in December 2002 titled "Expensing Options Solves Nothing".) The authors make arguments that I found extremely convincing on the following 4 fallacies: Fallacy 1 - Stock options do not represent a real cost Fallacy 2 - Cost of stock options cannot be estimated Fallacy 3 - Stock option costs are already adequately disclosed Fallacy 4 - Expensing options will hurt young businesses

To: GVTucker who wrote (174358)	5/7/2003 6:35:48 AM
From: Road Walker	Read Replies (1) \| Respond to of 186894

Fed statement (my bold): "The Federal Open Market Committee decided to keep its target for the federal funds rate unchanged at 1-1/4 percent. Recent readings on production and employment, though mostly reflecting decisions made before the conclusion of hostilities, have proven disappointing. However, the ebbing of geopolitical tensions has rolled back oil prices, bolstered consumer confidence, and strengthened debt and equity markets. These developments, along with the accommodative stance of monetary policy and ongoing growth in productivity, should foster an improving economic climate over time. Although the timing and extent of that improvement remain uncertain, the Committee perceives that over the next few quarters the upside and downside risks to the attainment of sustainable growth are roughly equal. In contrast, over the same period, the probability of an unwelcome substantial fall in inflation, though minor, exceeds that of a pickup in inflation from its already low level. The Committee believes that, taken together, the balance of risks to achieving its goals is weighted toward weakness over the foreseeable future. Voting for the FOMC (News - Websites)monetary policy action were Alan Greenspan (News), Chairman; William J. McDonough, Vice Chairman; Ben S. Bernanke; Susan S. Bies; J. Alfred Broaddus, Jr.; Roger W. Ferguson, Jr.; Edward M. Gramlich; Jack Guynn; Donald L. Kohn; Michael H. Moskow; Mark W. Olson; and Robert T. Parry." GV, are you still an inflation hawk?