culture, politics, commentary, criticism

Tuesday, August 07, 2007
Never enough. If you're a Republican businessman, being a wealthy CEO isn't enough. You feel entitled to backdate your stock options to swindle even more, as did
Gregory Reyes of Brocade Communications, whom a jury found guilty of 10 counts of securities fraud. Nine of the charges carry a potential sentence of 20 years each.

What makes him a Republican? Democrats generally don't give $50,000 to the RNC.

UPDATE: According to the account of the prosecution in the WSJ, Reyes didn't backdate options to enrich himself but rather to "to recruit and retain employees, and then repeatedly falsified meeting minutes to hide the practice from accountants and ultimately investors." And "Mr. Reyes is the latest in a series of white-collar defendants to be convicted of fraud after arguing they were too busy and had too many responsibilities to realize what they were doing wrong."

Very amusing defense, especially when you consider that Reyes "sold at least $380 million of shares he received before the company went public in 1999." For someone who, via intentionally and secretly backdating stock options, was illegally creating recruitment signing bonuses out of thin air, that line of logic sure sounds like the height of faux naiveté.

No matter how you slice it, he's still a Republican crook.

Greatest Hits · Alternatives to First Command Financial Planning · First Command, last resort, Part 3 · Part 2 · Part 1 · Stealing $50K from a widow: Wells Real Estate · Leo Wells, REITs and divine wealth · Sex-crazed Red State teenagers · What I hate: a manifesto · Spawn of Darleen Druyun · All-American high school sex party · Why is Ken Lay smiling? · Poppy's Enron birthday party · The Saudi money laundry and the president's uncle · The sentence of Enron's John Forney · The holiness of Neil Bush's marriage · The Silence of Cheney: a poem · South Park Christians · Capitalist against Bush: Warren Buffett · Fastow childen vs. Enron children · Give your prescription money to your old boss · Neil Bush, hard-working matchmaker · Republicans against fetuses and pregnant women · Emboldened Ken Lay · Faith-based jails · Please die for me so I can skip your funeral · A brief illustrated history of the Republican Party · Nancy Victory · Soldiers become accountants · Beware the Merrill Lynch mob · Darleen Druyun's $5.7 billion surprise · First responder funding · Hoovering the country · First Command fifty percent load · Ken Lay and the Atkins diet · Halliburton WMD · Leave no CEO behind · August in Crawford · Elaine Pagels · Profitable slave labor at Halliburton · Tom Hanks + Mujahideen · Sharon & Neilsie Bush · One weekend a month, or eternity · Is the US pumping Iraqi oil to Kuwait? · Cheney's war · Seth Glickenhaus: Capitalist against Bush · Martha's blow job · Mark Belnick: Tyco Catholic nut · Cheney's deferred Halliburton compensation · Jeb sucks sugar cane · Poindexter & LifeLog · American Family Association panic · Riley Bechtel and the crony economy · The Book of Sharon (Bush) · The Art of Enron · Plunder convention · Waiting in Kuwait: Jay Garner · What's an Army private worth? · Barbara Bodine, Queen of Baghdad · Sneaky bastards at Halliburton · Golf course and barbecue military strategy · Enron at large · Recent astroturf · Cracker Chic 2 · No business like war business · Big Brother · Martha Stewart vs. Thomas White · Roger Kimball, disappointed Republican poetry fan · Cheney, Lay, Afghanistan · Terry Lynn Barton, crimes of burning · Feasting at the Cheney trough · Who would Jesus indict? · Return of the Carlyle Group · Duct tape is for little people · GOP and bad medicine · Sears Tower vs Mt Rushmore · Scared Christians · Crooked playing field · John O'Neill: The man who knew · Back to the top

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