Options Backdating Scorecard
You have to admit that The Wall Street Journal is a remarkable product; they just get it. Everyday.
This options backdating “scorecard” is just another example. Despite all of the noise, this issue is still a bit of a sleeper.
We always associate Enron, Worldcom and Tyco with scandal, but the length and breadth of this list is very troubling (well over 1% of all U.S. public companies have now disclosed serious concerns, and 51 execs have paid the price)…and our Intergrated Market Enforcement group in obstenibly chock-a-block with 17 largely undisclosed investigations underway. None of which likely have anything to do with options.
It is curious how little discussion we’ve had in Canada about the situation; using the same metric, 1% in Canada would represent about 25 domestic firms.