"The abuse of stock options that are hidden from balance sheets have been central to the corporate scandals," Edwards said in prepared remarks provided to The Associated Press. "This is about honest accounting. It is a fundamental tenet of economic reform. If we're going to restore values to our economy, we need to do the right thing here."
The spectacle of Enron executives and others cashing out millions of dollars worth of stock before their companies collapsed has renewed the debate over counting stock options. A board that sets standards for corporate accounting favors reforms, but business interests, especially high-tech companies, have been vocal opponents.
Edwards said his proposal would help restore integrity to corporate America and boost the economy by reviving investor confidence.
"I don't believe our values are a luxury of economic growth. I believe they are the engine of economic growth," he said. "Books that are honest, executives who are responsible and employees who work hard for fair wages are essential to our economy.
None of what Edwards says should need saying, of course, except the spectacle of the Republicans looting while the looting is good is so spectacular.
And Edwards is right that values are the engine of growth. Why would any investor want to join a game that's grossly and obviously rigged for the insiders? (Say, is "Kenny Boy" in jail yet? Thought not.)