Kate, whether or not Fleck lost money on his Intel puts depends on when he bought them. I think he made money on them. I also think I read he bought leap-puts (is that a good word?). http://finance.yahoo.com/q/bc?s=INTC&t=6m&l=on&z=m&q=l&c=
If you forget about that 15% company discount for just a second: Did you still never loose money on Intel shares?
Anyways, as you know I worked for an American IT company as well. They had the same package, but because of dutch law we had to pay 52% tax on the 15% company discount. We could sell them anytime (even the day we received them) without paying any additional taxes. All profit from equity trading is tax free. We do have to pay tax over net assets (1.3% over all assets minus all debts) and in Holland it's unusual to have debt beside mortgage, some pay off a loan for a car or washing machine, but virtually noone really uses credit cards for anything but business (the habit is to use debit cards instead).
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