TechNet Leads Charge at Silicon Valley Rally in Opposition to Mandatory Stock Options Expensing.
PALO ALTO Palo Alto, city, California
Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif. -- FASB FASB
See: Financial Accounting Standards Board
See Financial Accounting Standards Board (FASB). Proposal Would Dampen Innovation and Adversely Effect 14 Million Americans with Options
TechNet, the network of 200 CEOs and senior executives in the high tech and biotech bi·o·tech
short for biotechnology
Noun 1. communities, today helped organize a rally with hundreds of Silicon Valley high tech workers opposed to the Financial Accounting Standards Board's (FASB) misguided attempt to expense employee stock options.
The attempt by FASB will result in decreased innovation, economic growth and U.S. competitiveness.
"Employee stock options are one of the key ingredients for innovation and economic growth in this country," said Rick White, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of TechNet and chairman of the International Employee Stock Options Coalition (IESOC). "Many members of Congress understand this fact, and we need them to support America's workers and American innovation by telling FASB to do the right thing. Mandating that options be expensed will mean the end for many broad-based employee stock option plans. That's not what hard-working Americans want or what the U.S. economy needs to compete in the world."
FASB held morning and afternoon discussion sessions in Palo Alto to consider their proposal to mandate expensing of employee stock option plans. Among those speaking to the group were employees and executives from Silicon Valley bellwethers like Cisco Systems “Cisco” redirects here. For other uses, see Cisco (disambiguation).
Cisco System,Inc. (NASDAQ: CSCO, HKSE: 4333 ) is an American multinational corporation with 54,000 employees and annual revenue of US $28.48 billion as of 2006. , Genentech, Intel, Qualcomm and Sun, as well as entrepreneurs from ME Fox and Visonael.Recent studies show that throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , 14 million American workers currently hold employee stock options. Many companies will be forced to curtail cur·tail
tr.v. cur·tailed, cur·tail·ing, cur·tails
To cut short or reduce. See Synonyms at shorten.
[Middle English curtailen, to restrict or eliminate their broad-based stock-option plans if they are required to expense their options.
In addition to company employees, speakers at the Reality in the Valley: Keep the Promise of Innovation Rally included former U.S. Representative Tom Campbell, Dean of the Haas School of Business at UC Berkeley; Peter Giles Peter A. Giles (born 17 June, 1944, in Winton, Bournemouth, Dorset, England) is a bass player and vocalist who, with his brother Michael Giles and Robert Fripp, formed Giles, Giles and Fripp. , President and CEO of the Tech Museum of Innovation; Jim Cunneen, San Jose/Silicon Valley Chamber of Commerce.
For more information, please visit: http://savestockoptions.grassroots.com/eventregistration/
TechNet is the national, bipartisan network of CEOs that promotes the growth of technology industries and the economy by building long-term relationships between technology leaders and policymakers and by advocating a targeted policy agenda. TechNet, based in Silicon Valley, has offices in Seattle, Boston, Austin, and Orange County (California).