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The backdating scandals second

At that time, in the eighties and nineties, stock options, often in the money, were granted to employees in the hope that a highly-motivated employee pool would put the company in a better position to resist in hostile takeover battles.

Over time, shareholders objected to the fact that the options were granted in the money and eventually many companies developed stock option plans in which grants could only be made at the money — that is, at the closing price of the stock on the day of the grant.

We examined the academic literature that quantified the potential issues.Our Office of Economic Analysis then analyzed data and refined the areas of concern.And in the Enforcement Division, we gathered information and data regarding specific cases to bring the issues into focus, culminating in our enforcement actions over the last several years. I am old enough to remember employee stock options as an anti-takeover device.With respect to both, there are pending parallel criminal actions as well.As most of you know, the Comverse criminal case has had a certain amount of drama surrounding former CEO Kobi Alexander, who was first a fugitive from justice, and later was located after he took up residence in Namibia, where he is presently fighting extradition to the United States.At the money options and other forms of performance-based compensation became even more attractive when the

We examined the academic literature that quantified the potential issues.

Our Office of Economic Analysis then analyzed data and refined the areas of concern.

And in the Enforcement Division, we gathered information and data regarding specific cases to bring the issues into focus, culminating in our enforcement actions over the last several years. I am old enough to remember employee stock options as an anti-takeover device.

With respect to both, there are pending parallel criminal actions as well.

As most of you know, the Comverse criminal case has had a certain amount of drama surrounding former CEO Kobi Alexander, who was first a fugitive from justice, and later was located after he took up residence in Namibia, where he is presently fighting extradition to the United States.

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We examined the academic literature that quantified the potential issues.Our Office of Economic Analysis then analyzed data and refined the areas of concern.And in the Enforcement Division, we gathered information and data regarding specific cases to bring the issues into focus, culminating in our enforcement actions over the last several years. I am old enough to remember employee stock options as an anti-takeover device.With respect to both, there are pending parallel criminal actions as well.As most of you know, the Comverse criminal case has had a certain amount of drama surrounding former CEO Kobi Alexander, who was first a fugitive from justice, and later was located after he took up residence in Namibia, where he is presently fighting extradition to the United States.At the money options and other forms of performance-based compensation became even more attractive when the $1 million salary deductibility cap was enacted.So, from the shareholder, accounting and tax perspectives, at the money options had certain distinct advantages. Thank you so much for spending time today on this important topic.I thought I'd talk a little about where we are from an Enforcement perspective.From my perspective, the collective efforts by the SEC are a model way of addressing an issue — proceeding from various perspectives to come up with practical and wide-ranging solutions. I'd like to address this on two fronts — first, I'll discuss how we got to our efforts at the Commission and then I'd like to step even further back and talk about some of my impressions on how we ended up with the option issues we are confronting.First, on the SEC front, our investigations are born of a conscious effort to proactively think about where problems might be, to methodically inquire whether there actually are problems, and then to pursue the best ways to address any problems that exist.

million salary deductibility cap was enacted.So, from the shareholder, accounting and tax perspectives, at the money options had certain distinct advantages. Thank you so much for spending time today on this important topic.I thought I'd talk a little about where we are from an Enforcement perspective.From my perspective, the collective efforts by the SEC are a model way of addressing an issue — proceeding from various perspectives to come up with practical and wide-ranging solutions. I'd like to address this on two fronts — first, I'll discuss how we got to our efforts at the Commission and then I'd like to step even further back and talk about some of my impressions on how we ended up with the option issues we are confronting.First, on the SEC front, our investigations are born of a conscious effort to proactively think about where problems might be, to methodically inquire whether there actually are problems, and then to pursue the best ways to address any problems that exist.

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