You know that guy who gets a laugh for one joke and can’t help taking things a bit further. The one who always winds up taking it too far. Uncomfortably far. And that joke-too-far usually involves some kind of unconventional sex act. Yeah. Chris Cox is that guy.
From the New York Times yesterday:
Manipulating stock option grants is no laughing matter. Federal investigators are combing through the files of more than 120 companies looking for evidence of backdated options. Dozens of executives have resigned or been fired. Top officers at two companies face criminal charges.
But at a corporate governance conference sponsored by Stanford University in Washington last week, Christopher Cox, the chairman of the Securities and Exchange Commission, had some fun with the terminology used to describe certain stock option abuses.
“Spring-loading sounds likes the type of thing you ask your kids not to do inside the house,” Mr. Cox said, referring to the practice of granting options ahead of positive news to reap an instant paper profit.
And backdating? “Backdating sounds like something that you wouldn’t want your daughter to do anywhere,” he added.
[Bad for daughters but not sons?--Ed. Sure. These are Republicans, after all.]
Did You Hear the One About the S.E.C. Guy? [New York Times]