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To: Spekulatius who wrote (21889)	8/10/2005 11:56:41 PM
From: Ryan Hess	Respond to of 78549

Cisco has a wonderful business one would hope to own, except for that big item you mention. I find it morally reprehensible. I had to save this paragraph from a Wall Street Journal Online article from yesterday. Where is the outcry on their practices? Cisco Posts Higher Net As Revenue Jumps 11% By PUI-WING TAM Staff Reporter of THE WALL STREET JOURNAL August 9, 2005 6:51 p.m. "Cisco will start expensing stock options in its fiscal first quarter, which ends in late October, according to new rules by the Financial Accounting Standards Board. To reduce the impact of the looming accounting shift, which could potentially crimp net income, Cisco has been seeking Securities and Exchange Commission approval to use some new financial instruments that would mimic employee options."