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Article: Stock Options Work
- Article from:
- The Washington Post
- Article date:
- October 8, 2003
- Author:
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Copyright informationThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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This summer, in a form letter sent to untold numbers of U.S.
corporations, including Intel, the secretary-treasurer of the AFL-
CIO, Richard L. Trumka, called on us to begin "immediately" to adopt
the "reforms" in executive compensation announced by Microsoft Corp.
This referred to Microsoft's announcement that instead of stock
options it would award all employees restricted stock and would begin
expensing all equity-based compensation.
The letter portrays the union as flying to the defense of workers,
a constituency the AFL-CIO exists to represent, and investors, a
class it is not typically known for defending. We laud the sentiments
but are appalled by the logic.
Rather than widening the ...