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  3. What worries me about the stench coming from Corporate America is not its impact on the economy, because America’s resiliency is

What worries me about the stench coming from Corporate America is not its impact on the economy, because America’s resiliency is

admin2010-04-30  54
问题     What worries me about the stench coming from Corporate America is not its impact on the economy, because America’s resiliency is awesome. It isn’t that scandals may be causing the dollar to sink, because the greenback was overvalued anyway. Nor am I concerned that errant CEOs will escape punishment, since the feds are finally on the case.
    No, what bothers me most is something not so easily fixed—the erosion of the equality-based culture that emerged in recent years.
    Given the extent of corporate malfeasance, the only way to restore investors’ confidence is for both CEOs and Washington to push sweeping reforms. Most of the necessary elements are contained in the proposals coming from the New York Stock Exchange, the Securities & Exchange Commission, Congress, and various business groups. Here are some key imperatives:
    Regulate auditors. A new oversight body must be established, reporting to the SEC. It should set auditing standards, license auditor, and have power to punish transgressors. To guarantee its independence and resources, it should be funded by every publicly listed company.
    Revamp CEO compensation. The magnitude of stock options—and the fact that they were not treated as a company expense—gave excess too much incentive to cut comers to pump up stock prices in the short term. In the future, options should not be exercisable for five years, and not unless company performance exceeds the S&P500. They should also be charged against corporate income when they are cashed in. Better yet, executives should be rewarded in stock that must be held for a number of years so CEOs can win and lose with the rest of long-term shareholders.
    Make CEOs and boards accountable. The SEC should endorse national guidelines for all publicly listed companies doing business in the U.S.. Among the provisions: CEOs and CFOs must personally warrant that financial statements paint a full and accurate picture of their companies’ positions, including critical underlying trends. Not only must boards be more independent but also audit, compensation, and governance committees ought to be held more clearly accountable for the basic policies of the companies they represent.
    Keep up pressure on Wall Street. Among the most egregious conflicts of interest, analysts have been pressured and paid to recommend stocks simply to curry favor with the issuing companies. Until it’s clearer how effectively Wall Street will police itself, the SEC should issue public progress reports on investment banks’ moves to eliminate conflicts.
    Modernize accounting.  Accounting needs to deal with a global, financially complex, knowledge-based economy, including derivatives, off-balance-sheet assets, and intangible assets such as research-and-development capabilities. The best ideas from around the world must be combined into one high-grade set of international standards.
The main purpose of stock options is ______.
选项 A、to give incentive to cut comers to pump up stock prices in the short term
B、to inspire CEOs to win and lose with the rest of long-term shareholders
C、to lessen the extent of corporate malfeasance
D、to improve company’s profit by cutting the tax paid to the government
答案B
解析 事实细节题。根据第五段最后一句executives should be rewarded in stock that must be held for a number of years so CEOs can win and lose with the rest of long-term shareholders．从中可知，股票期权的口的是，“使管理者和其他长期股票持有者共存亡。”选项B正确。
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