7.12.2006

Annals of Capitalism

The first two items in my morning Wall Street Journal e-mail:

Memo Reveals Details Of Options Backdating
In a lawsuit against Sycamore Networks, an internal memo that has been turned over to the Securities and Exchange Commission shows employees discussed how they could alter the dates of stock-option grants while hiding their actions from company auditors, The Wall Street Journal reports. ....A former human-resources director at Sycamore contends in a lawsuit that his employment agreement was terminated because he told executives about the memo...
part of a broader examination by the SEC and Justice Department into past option grants by more than 50 companies.
* * *
EU Fines Microsoft
The European Union fined Microsoft $357 million for failing to obey a 2004 antitrust order to share its program code with rivals.... "I regret that, more than two years after the decision ... Microsoft has still not put an end to its illegal conduct," said EU Competition Commissioner Neelie Kroes, [who] added that she was convinced Microsoft had known what it had to do to comply, saying "I don't buy Microsoft's line that they didn't know what was being asked of them, because the March 2004 decision is crystal clear," the Financial Times notes.

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