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gipa69
collegio dei patafisici
Stock options scandal spreads
Updated 10/17/2006 4:27 AM ET
The scandal involving backdating of stock options has touched 150 companies. Here's a breakdown of companies in each category of involvement and the industries most affected by the scandal.
Companies
Conducting internal probes 142
Target of SEC probes 91
Target of Justice Dept. probes 55
Ousted executives or directors 23
Being sued by shareholders 65
Criminal charges 2
Industries
Software & programming 29
Semiconductors 25
Communications equipment/services 18
Computer equipment & services 17
Retail 14
Biotech & drugs, medical equipment, supplies 11
Electronic instruments & controls, scientific instruments 7
Health care facilities 3
Insurance 3
Aerospace & defense 2
Oil well services & equipment 2
Restaurants 2
Schools 2
Other 15
Source: Glass Lewis
By Matt Krantz and Greg Farrell, USA TODAY
The widening scandal over the alleged manipulation, or "backdating," of executive stock options has claimed another two heads at the top ranks of Corporate America.
computer-chip maker Altera (ALTR) said Monday that chief financial officer Nathan Sarkisian left the company prematurely after a review of its options-granting practice pinpointed problems. The company said it will need to restate earnings to reflect $47.6 million in costs pertaining to options grants.
Separately, UnitedHealth (UNH) said Sunday that CEO William McGuire would quit by Dec. 1 after the health insurer's examination of stock option backdating found potential wrongdoing. The study found McGuire received several option grants at yearly lows in the stock, which would be essentially impossible without manipulation.
Backdating is when firms don't disclose they gave executives the right to buy shares at a price lower than the market value when the options are issued. Stock options are designed to reward executives for smart moves after they get the grant. Options typically give executives the right to buy stock in the future at the price it was trading at when the options were issued.
But a growing scandal is finding some companies may have abused the rules. Rather than giving executives the right to buy stock at the current stock price, some companies may have given executives the right to buy stock based on a lower price on a previous date.
This practice, while not necessarily illegal, has the potential of inappropriately rewarding executives in a way not disclosed to shareholders. It understates how much a company paid its executives and affects taxes paid by the companies and the executives as well as what the company reports as earnings.
According to research compiled by Glass Lewis, 150 companies have said they're looking into the issue of whether some of their stock option grants were "backdated." Of those, 142 have opened internal investigations, 91 are being probed by the Securities and Exchange Commission and 55 by the Department of Justice.
As of Monday, the number of companies losing an executive or director in the scandal hit 23. Last week, McAfee CEO George Samenuk and CNet CEO Shelby Bonnie stepped down amid revelations of stock option problems.
Still, only two cases have resulted in criminal charges. Executives at Brocade Communications Systems, including former CEO Gregory Reyes, and Comverse Technology, including former CEO Jacob Alexander, are charged with improperly backdating.
But lawyers who have been following the issue predict that many more investigations will end up in criminal court. "We are only at an early stage of the public airing of this issue," says Mark Zauderer of Flemming Zulack Williamson Zauderer. "We are going to see a wave of cases involving backdating."
Zauderer says prosecutors will jump at the opportunity to bring criminal cases against corporate executives because these cases can be simple. "The issues involved, including changes of documents and misrepresentation of documents, are ones that juries can get their arms around easily. This is far easier to prosecute than Enron-type cases of accounting fraud."
But others say there won't be many criminal prosecutions. "A lot of these cases have terrific statute-of-limitations problems," says David Gourevitch, a Manhattan attorney and former state prosecutor. The statute of limitations for securities fraud, he notes, is five years. Most of the known instances of options "backdating," he points out, occurred in the late 1990s, during the tech bubble. Since 2001, tech stock prices have been low enough that there hasn't been a compelling reason to engage in backdating.
Meanwhile, investors aren't waiting for regulators to act. Currently, 65 companies face class-action shareholder lawsuits in the scandal, Glass Lewis says.
Backdating revelations aren't necessarily harmful to a company's stock. Take UnitedHealth, which is facing a lawsuit.
Monday, the stock fell $1.21 to $47.54, not a brutal loss given that the CEO is quitting. It is down 16% from March when The Wall Street Journal reported the company might be involved in backdating. But before that, the stock had already fallen 11% from its high in late 2005.
Such difficulty in isolating how much backdating issues have hurt stock prices has limited securities class-action lawsuits, Stanford Law School professor Joseph Grundfest said in a midyear assessment of shareholder litigation.
Updated 10/17/2006 4:27 AM ET
The scandal involving backdating of stock options has touched 150 companies. Here's a breakdown of companies in each category of involvement and the industries most affected by the scandal.
Companies
Conducting internal probes 142
Target of SEC probes 91
Target of Justice Dept. probes 55
Ousted executives or directors 23
Being sued by shareholders 65
Criminal charges 2
Industries
Software & programming 29
Semiconductors 25
Communications equipment/services 18
Computer equipment & services 17
Retail 14
Biotech & drugs, medical equipment, supplies 11
Electronic instruments & controls, scientific instruments 7
Health care facilities 3
Insurance 3
Aerospace & defense 2
Oil well services & equipment 2
Restaurants 2
Schools 2
Other 15
Source: Glass Lewis
By Matt Krantz and Greg Farrell, USA TODAY
The widening scandal over the alleged manipulation, or "backdating," of executive stock options has claimed another two heads at the top ranks of Corporate America.
computer-chip maker Altera (ALTR) said Monday that chief financial officer Nathan Sarkisian left the company prematurely after a review of its options-granting practice pinpointed problems. The company said it will need to restate earnings to reflect $47.6 million in costs pertaining to options grants.
Separately, UnitedHealth (UNH) said Sunday that CEO William McGuire would quit by Dec. 1 after the health insurer's examination of stock option backdating found potential wrongdoing. The study found McGuire received several option grants at yearly lows in the stock, which would be essentially impossible without manipulation.
Backdating is when firms don't disclose they gave executives the right to buy shares at a price lower than the market value when the options are issued. Stock options are designed to reward executives for smart moves after they get the grant. Options typically give executives the right to buy stock in the future at the price it was trading at when the options were issued.
But a growing scandal is finding some companies may have abused the rules. Rather than giving executives the right to buy stock at the current stock price, some companies may have given executives the right to buy stock based on a lower price on a previous date.
This practice, while not necessarily illegal, has the potential of inappropriately rewarding executives in a way not disclosed to shareholders. It understates how much a company paid its executives and affects taxes paid by the companies and the executives as well as what the company reports as earnings.
According to research compiled by Glass Lewis, 150 companies have said they're looking into the issue of whether some of their stock option grants were "backdated." Of those, 142 have opened internal investigations, 91 are being probed by the Securities and Exchange Commission and 55 by the Department of Justice.
As of Monday, the number of companies losing an executive or director in the scandal hit 23. Last week, McAfee CEO George Samenuk and CNet CEO Shelby Bonnie stepped down amid revelations of stock option problems.
Still, only two cases have resulted in criminal charges. Executives at Brocade Communications Systems, including former CEO Gregory Reyes, and Comverse Technology, including former CEO Jacob Alexander, are charged with improperly backdating.
But lawyers who have been following the issue predict that many more investigations will end up in criminal court. "We are only at an early stage of the public airing of this issue," says Mark Zauderer of Flemming Zulack Williamson Zauderer. "We are going to see a wave of cases involving backdating."
Zauderer says prosecutors will jump at the opportunity to bring criminal cases against corporate executives because these cases can be simple. "The issues involved, including changes of documents and misrepresentation of documents, are ones that juries can get their arms around easily. This is far easier to prosecute than Enron-type cases of accounting fraud."
But others say there won't be many criminal prosecutions. "A lot of these cases have terrific statute-of-limitations problems," says David Gourevitch, a Manhattan attorney and former state prosecutor. The statute of limitations for securities fraud, he notes, is five years. Most of the known instances of options "backdating," he points out, occurred in the late 1990s, during the tech bubble. Since 2001, tech stock prices have been low enough that there hasn't been a compelling reason to engage in backdating.
Meanwhile, investors aren't waiting for regulators to act. Currently, 65 companies face class-action shareholder lawsuits in the scandal, Glass Lewis says.
Backdating revelations aren't necessarily harmful to a company's stock. Take UnitedHealth, which is facing a lawsuit.
Monday, the stock fell $1.21 to $47.54, not a brutal loss given that the CEO is quitting. It is down 16% from March when The Wall Street Journal reported the company might be involved in backdating. But before that, the stock had already fallen 11% from its high in late 2005.
Such difficulty in isolating how much backdating issues have hurt stock prices has limited securities class-action lawsuits, Stanford Law School professor Joseph Grundfest said in a midyear assessment of shareholder litigation.
gipa69
collegio dei patafisici
Notizia con grosse implicazioni fresca fresca....
naturalmente viene fatta uscire con trimestrali comunque non male soprattutto da parte di diversi titoli di peso (numerosi bancari IBM e Intel...) e con ingresso degli individuali sostenuto (vedi grafico dopo su ingressi su fondi bear degli investitori individuali...)
Per me il carry ha un certo peso soprattutto sui mercati più speculativi ma ha influenza su tutto....
Si cerca di tenere in piedi quello sul franco svizzero....
Yen jumps on Nikkei article on carry trade
Tue Oct 17, 2006 5:35pm ET
NEW YORK, Oct 17 (Reuters) - The yen jumped against the dollar on Tuesday after Nikkei reported that the Bank of Japan plans to increase its monitoring of carry trades because of recent weakness in the Japanese currency.
Against the yen, the dollar dropped to 118.56 yen <JPY> from around 118.90 yen, where it was shortly prior to the Nikkei article.
The euro also fell, dropping to 148.66 yen <EURJPY> from around 149.14 yen before the news.
© Reuters 2006. All Rights Reserved
naturalmente viene fatta uscire con trimestrali comunque non male soprattutto da parte di diversi titoli di peso (numerosi bancari IBM e Intel...) e con ingresso degli individuali sostenuto (vedi grafico dopo su ingressi su fondi bear degli investitori individuali...)
Per me il carry ha un certo peso soprattutto sui mercati più speculativi ma ha influenza su tutto....
Si cerca di tenere in piedi quello sul franco svizzero....
Yen jumps on Nikkei article on carry trade
Tue Oct 17, 2006 5:35pm ET
NEW YORK, Oct 17 (Reuters) - The yen jumped against the dollar on Tuesday after Nikkei reported that the Bank of Japan plans to increase its monitoring of carry trades because of recent weakness in the Japanese currency.
Against the yen, the dollar dropped to 118.56 yen <JPY> from around 118.90 yen, where it was shortly prior to the Nikkei article.
The euro also fell, dropping to 148.66 yen <EURJPY> from around 149.14 yen before the news.
© Reuters 2006. All Rights Reserved
Andrea 53 ha scritto:visto che non c'è nessuno scrivo per me stesso
ieri mia moglie è partita per un convegno di tre giorni !
la BESTIA che c'è in me ha preso il sopravventoe in solo un giorno la casa è diventata ANIMAL HOUSE ......avanzi di pizza / bottiglie vuote di birra / il computer invaso dalle donnine /
musica sparata /
:zzz: .....
il tutto si alterna senza un senso ,un orario,nada
e così mi sovviene il pensiero di come vivevo prima di incontrare Lei .........
vivevo in 70 mq. dove vi erano un letto un impianto stereo un centinaio di libri / dischi e una cucina usata solo per il caffe e per scaldare quello che compravo in rosticceria.
in estate lavoravo e in inverno partivo per l'india o il sud america dove svernavo in stato di semincascienza dovuta a strane cose che si mangiavano o si fumavano
la mia pressione era alta i trigliceridi fuori controllo il colesterolo alle stelle la memoria non mi ricordo cosa fosse
poi la incontrai .....era il mio opposto tutto ordine pulizia no drugs no alcool no capzate ma tanto sesssoooo tenerezza coccole ....opposi resistenza ma alla fine cedetti
e cominciò la metamorfosi io rinunciai alle droghe / alcool /e casini vari
lei rinunciò alla sicurezza , si licenziò e partimmo per vivere 4 mesi in Australia soli io e lei
fù il periodo più bello della nostra vita io lei e un camper in un paese sconfinato e deserto dove le regole sono poche e ancora meno le persone che ti chiedono di rispettarle, i giorni trascorrevano tra le spiagge ,il deserto,i canguri , i delfini, le aquile , i personaggi squinternati che incontravi un giorno si e l'altro pure .
fare l'amore,mangiare, dormire,camminare ,cinema,.......puro piacere pura gioia il paradiso terrestre
poi finì la vacanza e tornammo in italia e qui trovammo tutto quello che avevamo lasciato ....il lavoro , i nostri vecchi da accudire , i ritmi italiani ecc...ecc...
e piano piano tutto il mondo multicolor in cui avevamo vissuto dopo il nostro incontro diventò monocromatico , le bollette presero il sopravvento il dentista il meccanico la burocrazia e tutto quello che chiunque viva quì ed abbia una famiglia sa di cosa parlo!
sono passati 11 anni ed è la prima volta volta che stiamo lontani per 3 giorni consecutivi ....ora capisco .....Lei è diventata la mia DROGA , ne sento gia la mancanza , so tosssssicccoooo
nel frattempo i colori cominciarono a tornare , scoprimmo che il paradiso terrestre non era l'australia ma uno stato dell'esssere che non ha nulla a che vedere con il luogo in cui vivi (anche se aiuta) .
ora stiamo aspettando di sistemare le cose italiane e appena possibile (4/5 anni) saluteremo tutti e ripartiremo senza più l'obbligo di tornare , così senza obblighi tornare sarà una scelta , nel frattempo devo imparare sto capzo di BUND e affini
scusate lo sproloquio ma come ho scritto all'inizio sono solo e in vena di sproloquiare
Questo post è una poesia di rara ed incantatrice bellezza.
Lo metto in home page. 
dan24
Forumer storico
Argema ha scritto:Ma brutti disgraziati malefici!
dan è qui e nessuno mi avverte????
Ma io ve banno tutti ve banno. :zitto:
Sniff sniff .. me sto a commuove .. sniff
dan .. come stai? (per gli altri mazzate dopo)
Dove eri finito?
Ci sei mancato :vicini:
ciao argema grande capo...periodaccio in tutti i campi....purtroppo...va be....
BANNALI TUTTI STI RICCHIONI SOPRATTUTTO QUEL GAYYYY DI FLEU
