Lie Comments On Backdating Stocks
Bookmark & ShareApril 24, 2007
University of Iowa finance professor ERIK LIE is quoted in a story about backdating stock options. In what turned out to be groundbreaking research that led to the still-unfolding scandal, Lie, a native of Norway, crunched the numbers in thousands of cases. His number-crunching of 8,000 companies indicated the manipulation was more widespread than anyone, including the SEC, imagined. Twenty-nine percent of the firms Lie looked at showed some kind of manipulation of the stock prices. That number "amounts to more than 2,000 firms," he said. "I was shocked." Lie passed his findings on to federal authorities. Now, some of America's best-known companies are under investigation.
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