As recent sellers of mutual funds due to the continued market slide and the revelation of criminal activities by corporate managers and directors, we have the following advice for the Congress:
Any legislation that does not address the excessive use of stock options will be completely worthless. In our opinion, awarding stock options should become an illegal form of remuneration. Currently, rather than inspiring efficient management it has led to criminal procedures so that the chosen few can profit from insider trading. Stock options lead to what might be considered piracy of company assets by management at the expense of stockholders and employees. No individual is worth the multi-millions in salary plus miscellaneous benefits currently being awarded.
If Congress and the executive branch do not address this problem, they are totally remiss or bought off by the corporations that they should be restoring credibility to and rescuing our faltering economy. It is criminal for any corporation to list stock options as an expense for tax purposes but not on their bottom line for prospectus, etc. That is true smoke and mirrors.
Let’s hope our representatives can rise to the occasion and represent the people not just their overpaid corporate sponsors. Why haven’t any of the current batch of corporate criminals been punished or held responsible for their ill-gotten gains? We will be among those not returning to the stock market until the thievery by overpaid management and boards of directors is brought under control.
Mill Creek
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