The Party of Moral Clarity has more than the Mark Foley pederasty dilemma on their hands. With evidence of over 2,000 companies back dating stock option grants what will the SEC do? One CEO fled to Africa to avoid prosecution was nabbed last week. Now, Steve Jobs the Apple Chief “apologized” for “serious concerns” in the accounting, recording and reporting of its stock option grants.
If Bush sends 2,000 CEO’s or their finance chiefs to jail, who will be left to fill the election coffers of political candidates? His Pioneer buddies, Sam and Charles Wyly already stiffed the government of millions in taxes according to a Senate investigation. They are under investigation for tampering with Michael’s Stores stock option grants.
If 2,000 companies are in trouble with the feds, what will be their reaction? Will they quit hiring ex-Congressmen to serve as lobbyists? Will they be able to afford to take elected representatives on those lavish trips? What will happen to the K Street Project?
How does backdating stock options apply to private companies, to the burgeoning investment houses? Does The Carlyle Group employ such incentive compensation packages? Who monitors the practices of private companies in this area? Is that a contributing factor to the myriad of deals taking U.S. corporations private? Do they get to hide from the Securities and Exchange Commission?