Sentence was passed today on the former general counsel and secretary of Monster Worldwide. He had pleaded guilty to securities fraud and conspiracy to commit securities fraud, admitting that he illegally backdated millions of dollars in employee stock option grants. He participated in a scheme to backdate stock options from 1996 (when Monster went public) through 2003.
http://www.thestate.com/2010/03/02/1183050/internet-job-site-execs-cooperation.html
The story points out: [i]At least 135 U.S. companies have disclosed internal inquiries or government investigations, and at least 39 executives and board directors at 19 companies have been fired or have resigned.[/i]
Given the extent of the problem, can somebody please provide a logical explanation of how reducing regulation that would prevent this type of abuse is a good thing?
