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They could also cheat the IRS twice, once for themselves, since capital gains are taxed at a lower rate than ordinary income, and once for their employers since the cost of the options would qualify as a corporate tax write-off.The process became so prevalent that some investigators believe 10% of the stock grants made nationwide were issued under these false pretenses.A Pulitzer Prize-winning story published in The Wall Street Journal finally blew the lid off of the scandal.(See also: As a result, firms restated earnings, fines were paid and executives lost their jobs—and their credibility.A 1982 amendment to the tax code created an incentive for executives and their employers to work together to break the law.The amendment labeled executive compensation in excess of

They could also cheat the IRS twice, once for themselves, since capital gains are taxed at a lower rate than ordinary income, and once for their employers since the cost of the options would qualify as a corporate tax write-off.The process became so prevalent that some investigators believe 10% of the stock grants made nationwide were issued under these false pretenses.A Pulitzer Prize-winning story published in The Wall Street Journal finally blew the lid off of the scandal.(See also: As a result, firms restated earnings, fines were paid and executives lost their jobs—and their credibility.A 1982 amendment to the tax code created an incentive for executives and their employers to work together to break the law.The amendment labeled executive compensation in excess of $1 million as unreasonable and thus not eligible to be taken as a deduction on the firm's taxes.This enabled companies to issue enormous compensation packages to senior executives without notifying shareholders.Although this practice gave the senior executives significant stock holdings, since the grant was issued at-the-money, the share price had to appreciate before the executives would actually earn a profit.

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They could also cheat the IRS twice, once for themselves, since capital gains are taxed at a lower rate than ordinary income, and once for their employers since the cost of the options would qualify as a corporate tax write-off.

The process became so prevalent that some investigators believe 10% of the stock grants made nationwide were issued under these false pretenses.

A Pulitzer Prize-winning story published in The Wall Street Journal finally blew the lid off of the scandal.

(See also: As a result, firms restated earnings, fines were paid and executives lost their jobs—and their credibility.

A 1982 amendment to the tax code created an incentive for executives and their employers to work together to break the law.

The amendment labeled executive compensation in excess of $1 million as unreasonable and thus not eligible to be taken as a deduction on the firm's taxes.

This enabled companies to issue enormous compensation packages to senior executives without notifying shareholders.

Although this practice gave the senior executives significant stock holdings, since the grant was issued at-the-money, the share price had to appreciate before the executives would actually earn a profit.

million as unreasonable and thus not eligible to be taken as a deduction on the firm's taxes.This enabled companies to issue enormous compensation packages to senior executives without notifying shareholders.Although this practice gave the senior executives significant stock holdings, since the grant was issued at-the-money, the share price had to appreciate before the executives would actually earn a profit.

The first was in 1995, when a professor at New York University reviewed option-grant data that the SEC forced companies to publish.The study, published in 1997, identified a strange pattern of extremely profitable option grants, seemingly perfectly timed to coincide with dates on which the shares were trading at a low.A series of two follow-up studies by professors elsewhere suggested that the uncanny ability to time options grants could only have happened if the granters knew the prices in advance.When senior executives realized that they could look backward for the date during which their firm's stock was at its lowest trading price and then pretend that was the date they were issued the stock grants, a scandal was born.

By faking the issue date, they could guarantee themselves in-the-money options and instant profits.

The essence of the options backdating scandal can be summarized simply as executives falsifying documents in order to earn more money by deceiving regulators, shareholders and the Internal Revenue Service (IRS).



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