Political Quotes

“It seems like every morning, Americans wake up to another headline about the collapse of a big United States corporation. The failures have devastated the savings of millions of hardworking Americans, savings they were depending on for their retirement, or to pay for their kids' college education. When the smoke clears and the fall-out settles, the issue of stock options comes to the fore. Report after report details the massive fortunes amassed by the directors and top executives of so many of the companies that are at the center of the storm. So often, these executives were granted huge stock option packages, which they cashed out quickly for multimillion dollar payouts shortly before the company went over the brink. The landmark legislation that the Senate passed unanimously last week, and which I strongly supported, will curb significant corporate abuses and accounting scandals, but it does not touch the issues surrounding stock options. It is time the Senate acted to do so. Therefore, today I am introducing the Prevention of Stock Option Abuse Act. There is no question in my mind that some companies have abused stock options, using them as a vehicle for funneling large amounts of wealth to top executives.”