Political Quotes

“the issue before is us is not whether or not stock options are good or bad. As far as I am concerned, they are good. I like performance-based pay. I put a whole list of performance-based pay up here. I think we ought to encourage it, but not at the expense of honestly accounting for stock options. That is what Warren Buffett, who I think is known to all of us as really one of the great entrepreneurs of our age, wrote to the Banking Committee. He wrote them that we should not--we should not--be reversing FASB. FASB is seeking honest accounting. I wish to read parts of his letter. He said that he summarized his views on that subject in an annual report of his company, Berkshire Hathaway, and he quotes them here. The most egregious case of let's-not-face-up-to-reality behavior by executives and accountants has occurred in the world of stock options. The lack of logic is not accidental: For decades, much of the business world has waged war against accounting rulemakers, trying to keep the cost of stock options from being reflected in the profits of the corporations that issue them.”