Backdating Options Since 1991? A Culture of Self-Dealing will have Material, Dilutive Affect on Stock Values

The outcome of an internal investigation of Nabors Industries Ltd. has disclosed a pattern of self-dealing going back 16 years and leaving a trail of horribles, including a pretax charge of $51.6 million or 13 cents per dilutive share. With a pattern dating back to 1991, this must have been an organizational culture that viewed alterating dates as normal executive compensation practice. As the investigation unfolds, we might learn that some employees might not have worked elsewhere and could have believed, sincerely, that what they were being asked to do was proper; whereas others surely knew what they were doing.

For more see the Wall Street Online Journal.

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