Newly, talk about coincidence, just received this:
While transitioning the Restore The Trust campaign to Consumers Union we had some “technical difficulties”. Some people on the list may have received an email with incorrect contact information. The problem has been corrected. If you have any additional problems, please contact us by replying to this message.
There is still time to act on this important issue!
Under current rules, many companies are not counting as an expense the costs of stock options, often given as part of exorbitant pay packages. By hiding these expenses the company seems more profitable than it really is — helping corporate executives pad their pockets, while deceiving small investors. The Financial Accounting Standards Board has proposed good rules to fix the problem.
The Big Four accounting firms, Alan Greenspan, Warren Buffet, Paul Volcker, Arthur Levitt, all are in favor of the systematic reporting of these costs. Unfortunately, at the 11th hour some corporate lobbyists are trying to cajole the House of Representatives into prohibiting these changes from taking place.
Stop Congress from denying small investors accurate information about profits by clicking here and sending a quick letter to your representative.
Unless the cost of stocks options is included in financial statements, information investors rely on will be inconsistent, and investment decisions will be based on distorted information. These costs essentially become an under-the-table payment to corporate executives. In the post-Enron world it is shameful that a majority of the House of Representatives is trying to block meaningful reforms that will help protect small investors.
Act now to protect your investments, and help give all investors more information about how their money is being spent.
Help shine some light on Congress’ action -- forward this message to friends and family, and ask them to join you in speaking up!
Thanks for your help,
Sally Greenberg
RestoreTheTrust.org
a new project of
Consumers Union
1666 Connecticut Avenue, NW, Suite 310
Washington, DC 20009-1039
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