A certain Richard B. Cheney cashed in $7.5m of stock options in the last tax year, donated the proceeds to a bunch of charities, and then took advantage of a new law (passed to increase the threshold of charitable giving in Katrina's wake) to claim $6.8m in deductions and a $2m refund.

Did I mention that none of the charities benefitting from Dick's munificence were related to Katrina relief?

Well, that's a reasonable explanation, and I thank you and the BEA for it.

But perhaps we could get this back to the BEA: I figured out long ago that I wasn't rich enough!

Did I mention that none of the charities benefitting from Dick's munificence were related to Katrina relief?

Was one of them the Americans United to Destroy the Constitution? I think I've seen their ads.

My monthly income is up, my net worth is up, my disposable income is healthy.

But according to Kevin "Doom and Gloom" Drum, American workers are just scraping by. So maybe I'm in bad shape after all. Maybe the country is tanking and the sky is falling and maybe I should vote for Phil Angelides for governor.

So total income was up, but a big part of it was corporate executives cashing in stock options. This also explains why corporate profits were strong despite the higher pay numbers: companies weren't actually paying out more money to their workers. All that exercising of stock options barely affected the bottom line at all.

But if there weren't the stock options going to executives, wages might have actually DECREASED. The extra stock options caused executives to work extra hard causing the higher profits. If there were no stock options, executives would not have worked extra hard and companies would have lost money. Companies losing money would mean wages would go down and workers would have to be laid off which would be much worse. So the money going to executives from stock options actually helped workers.

maybe I should vote for Phil Angelides for governor.
Posted by: Frequency Kenneth

you have to be 18 to vote.

umm. a lot of these options had a ten year vesting period.

Please, Kevin. Tell us how to blame Bush for this?

Why is it that a lot of people do not see the corralation between a healthy democracy and keeping control of the income gap? I am glad that individuals like kenneth are doing well, so am I, but being a true patriot means wanting the whole country to do well not just your own self interest.

you have to be 18 to vote.

Ha, that made me laugh.

The BEA shows that "Contributions for government social insurance" were up 18% in Q1 and 7% in Q2 (annual rates). This includes stock options but not benefits and is mostly capped at 90k (except for the small Medicare portion). So it is not just rich executives, the non-rich (below cap) have definitely gotten a big pot of gold.

"Please, Kevin. Tell us how to blame Bush for this?"

You can blame Bush for everything. That's why they call it Bush Derangement Syndrome.

Stock options now are the Evil Rich crushing the poor. On the other hand, the huge fortunes made in the stock markets in the late 1990s are now touted by liberals as the Great Clinton Economic Boom. Yeah, I don't get it either.

Good evening. Working hard, in this busy time for you called. This is my friend and the Boke,just established, the time is not long. The issue here isthat everybody can see my Boke, Ha-ha, raising some visibility, which caused trouble to ask your forgiveness! We all hope to see. Please! 如烟往事博客 记忆深处博客 漠北孤烟博客 天涯无悔博客 月光城市博客 寂寞如烟博客 三国演义博客 江南记忆博客 青海日光博客 月复西斜博客 马帮茶道 雨天下雨博客 秋日私语博客 苍凉世界博客 把酒问天博客 逍遥过客 铿锵玫瑰 寂寞雨夜 乡下孩子博客 天上人间博客 我心飞翔 尘封往事博客 岁月如歌博客 庐山之恋 三间茅屋博客 wanqiudaocao guyan

Bedwetter's doing okay, everyone. So how can anybody be complaining about anything?

(Meanwhile, cue voice of Chinese economist in background: "Excellent. The foolish Americans cinsistently fail to observe their own leading indicators. This is working much more quickly than we ever anticipated.")

Bart now you tell me. Your friends had me convinced me that the Clinton era prosperity was all an illusion, and as a result I had trashed all the assets that I acquired during the boom.

Now you tell me that it was all ok. Damn!

"Meanwhile, cue voice of Chinese economist in background.."

Yeah, a few years back it was Japan that was going to buy up the U.S. and take everything over. Nothing new here.

"Please, Kevin. Tell us how to blame Bush for this?"

You can blame Bush for everything. That's why they call it Bush Derangement Syndrome.

Considering I don't see Bush or his Administration mentioned in Kevin's post at all, perhaps he's not the one suffering from BDS here.

P.S. There actually is no gold in that golden shower you're taking.

Dustbin:

:)

Bob

repubs are emotionally stunted ... "bush derangement syndrome" is simply their defensive (and pathetic) justification for their worship of all things bush ... bush fellatio syndrome, if you will.

I see Bart, am, Frequency Kenneth's parents, and the interns who program the Albot are all cashing in...

umm. a lot of these options had a ten year vesting period. Please, Kevin. Tell us how to blame Bush for this?

I live in the world capital for stock options (Silicon Valley), and though I've heard of ten-year vesting schedules, usually some fraction (say, 1/10th, or more generally 1/Nth for N-year vesting) of the options vest after the first year. Also, most of the option packages I've heard about take a lot less than ten years to fully vest (usually four), but have a ten-year limit on exercise (i.e. they become worthless after ten years).

carter, it's not about the Chinese buying up real estate and companies, as the Japanese were doing a while back, but about the federal government getting paper notes from the "Communists"—ones they can call in during a financial crisis when the U.S. is already weak. Good thing that's not coming, right?

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the critical is readly indeed. make it www.yaotiao.net as a reference

Shouldn't economists get all exercised about the wage increase and want to cut, or at least not raise,workers' pay to avoid inflation?

It usually works that way. The get richer and the less rich are targeted for inflation control.

Good evening. Working hard and hot, In this most busy time for you which salad I eaten. This is my friend, my boke and Boke just established not long so very good. This time is not long for passing but for break wind. The here issue is no bush. That everybody can see my Boke, Ha-ha, some hat-raising some visibility, all ranch and no poncho which caused troubling for ask to your forgiveness! We all hope see it one soon day. Google, Yahoo. Baidu. Way.

kenji,the Chinese are buying US Treasuries which are not callable.The Chinese could decide to try and sell a lot of them on the open market in an attempt to lower the price or call into question the US' ability to sell more notes/bonds.But then what would they do with all those Wal-Mart $s?

Now there's a frigging MONDAY SURPRISE! Right up there with other manipulation of information to delude and distract the voting public right before an election. From the "what's human dignity mean?" crowd....AND, then there's the miraculous turn down in gas prices...WHOA, who saw that one coming? You know the wonderful part...it WILL work...cause that's just how dimwitted much of our population is. Course they'll need the MSM to keep beating the BUSH RISING IN APPROVAL drum...

'But if there weren't the stock options going to executives, wages might have actually DECREASED. The extra stock options caused executives to work extra hard causing the higher profits. If there were no stock options, executives would not have worked extra hard and companies would have lost money. Companies losing money would mean wages would go down and workers would have to be laid off which would be much worse. So the money going to executives from stock options actually helped workers.'
--Al

Our dear friend, Al, being the brainwashed little conservative that he is, presumes that all stock option grants are "performance-based". In fact, most are not and are granted simply on the basis of your rank in the company and years of service. Also, stock options harm the long-term shareholders of a company and are not in their best interests. They essentially give executives all the benefits of an increase in share price with none of the risks of a decline in share price. In other words, they reward executives for share price volatility. In some ways they also give executives an incentive to manipulate the stock price, taking the focus away from long-term financial health and sustainability, trading off for short-term concerns.

But, conservatives never care about the long-term, do they? That's pretty obvious from their denial of global warming. Conservatives also wrongly presume that the executives in their mahogany offices work so much harder than say, the single mother working three jobs to feed and clothe her kids. What a bunch of elitist scumbags!

Dancer,

Don't sell Americans short. I haven't run into a single person who doesn't link the decline in gas prices to the election. The MSM has to beat the alleged "rise" in Bush's approval ratings. They want a horse race. Good for ratings. Anyway all those "behind the beltway" types are scared shitless they might have to learn how to spell new names. Their bosses are scared they might have to cultivate new friends.

Just keep plugging away. At some point not even smoke and mirrors Republicans can get away with lying about reality.

Just get out the vote. Go to the polls and take a dozen friends.

What's wrong with stock options?

Whats with the chinese.Anyone else here mystified by that?

My pot of gold is at the gas pump; $1.98 today! Sorry CA.

It's just a matter of time before Kevin Drum does a post claiming lower gas prices are actually BAD for American workers.

Al, being the brainwashed little conservative that he is

Al is not a conseravative. Al is a parody troll.

My monthly income is up, my net worth is up, my disposable income is healthy.

THAT'S your argument?
Pathetic.

When someone notes the huge inequalities in compensation for work, why do I always see someone promulgating the idea that executives need big salaries, stock options, perks, lower taxes, et al. as incentives to work harder and longer to enrich us all? Wouldn't that hold true for the average worker as well? I mean, I know I'd work harder, longer, more efficiently if I had gotten a raise in the past 6 years. My responsibilities have increased, I have garnered more praise for doing good work, but the show me the money isn't there. Geez, I might get demoralized soon and start becoming less productive. Except I don't have a golden parchute in case management takes umbrage at that.

The key is to understand that inequality works. It works because we live in a luxury economy. Economic expansion will necessarily be in the direction of an ever greater range and depth of luxuries because necessities are now mass produced by a very small percentage of the population. So the rest of us create luxuries. Speeding up the expansion of luxuries speeds up the creation of job opportunities. Slowing down the expansion of luxuries does the opposite. Especially now that much of the production of necessities has shifted to overseas workers, we need the jobs created by the expansion of luxuries. So how does this relate to the subject at hand? The rich drive the expansion of luxuries. To keep the rich from getting richer is to keep the poor from getting richer as well. Bottom line; envy in not only a sin, it is impractical.

Bush Derangement Syndrome is a mutation of a very infectious disease originally called Clinton Derangement Syndrome, which reached pandemic levels in the 90s.

And Kevin, this whole subject is doing nothing but aiding the terrorists and driving down the morale of our troops.

Kevin wrongly implies that stock options only go to the rich. Not so. E.g., my daughters work in Silicon Valley -- not in management. They have stock options, some of which have had value, some proved worthless.

Also Kevin continues to ignore the increased dollars of employer contributions to employee health care. Medical care is getting better and better. ISTM that the best thing to spend extra income on is being cured of more ailments.

Would you rather be healthy or would you rather be disabled and have High Definition TV and an ipod?

Would you rather be healthy or would you rather be disabled and have High Definition TV and an ipod?

Excellent, a quiz! Now, don't tell me... I know this one...

"So total income was up, but a big part of it was corporate executives cashing in stock options. This also explains why corporate profits were strong despite the higher pay numbers: companies weren't actually paying out more money to their workers. All that exercising of stock options barely affected the bottom line at all."

Am I missing something? Any spread between the value of the stock issued upon exercise of the option and the strike price paid is compensation income, no?

Why wouldn't this reduce corporate profits? I'm not an accountant, so I can't say necessarily that this compensation expense would affect net, but I guess I assume it would. (I'm pretty sure it reduces the company's taxable income.) I'm not sure KD is right when he says this option-exercise activity doesn't affect the bottom line, but I suppose all that means is we need to find an even more compelling explanation for corporate profitability than we already have.

"Would you rather be healthy or would you rather be disabled and have High Definition TV and an ipod?"

Dude, what a f**kin stupid question! Get me the Hi Def NOW!

Ninja,read the story.The explanation is there at the end.

Thanks, TJM. At least I admitted I knew nothing about accounting, although Bob Willens certainly does.

What's wrong with stock options?

Warren Buffett has a few things to say about them, including a comment on the accounting tricks that DJ Ninja asks about. Read the Berkshire Hathaway chairman's letter from, I think, a couple of years ago, or this op-ed.

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"It's class warfare, all right. And my class is winning."

Hey Kevin, can you go to a "no-comments" format? Or, maybe, just offer full entries in your RSS? Thanks.