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| Thursday, August 10, 2006 |
| Another reason to dislike Joe Lieberman |
The message about the war has been given load and clear, but here's something I didn't know (and don't like) about Lieberman: in 1993 he led the charge in the Senate to encourage the Financial Accounting Standards Board (FASB), which basically tells companies how to do their accounting, to back down from their desire to make companies account for stock options given to employees as an expense.
Lieberman got the Senate to pass a non-binding resolution 88-9 opposing the proposed change, and FASB backed down. A few years later, options were being given left and right and helped bring about the 'irrational exuberance' and subsequent burst of the tech bubble. Even now, executives are about to go to jail for illegal back-dating of options grants.
All this would have been taken care of years ago, before it could become a problem, if Lieberman and company had butted out.
Thanks to Angry Bear and American Prospect for bringing this to my attention. |
posted by CB @ 10:42 AM   |
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