[Fwd: Kudos and questions]

[Jeff Bone]

Tom wrote:

> In case of two, the main thrust is he used the system for his gain.
> Ethical or not its not illegal.

Depends on how you "use the system for gain."  Compensation is definitionally
gain, and there are all kinds of comp possibilities legal and illegal, ethical
and unethical.  What Michael "did" was strictly above-board:  he sat down with
the board --- his bosses, elected by his shareholders --- and said "here's
what I want."  The board went off, conferred, convened its comp committee,
consulted with outside comp experts, came back, perhaps negotiated a bit with
Michael, and converged to agreement.  And they did this on a regular basis, in
full view of regulatory agencies, the public markets, the shareholders,
repeatedly over a period of years until some pundits smelled blood in the
water and thought they could make a little hay.  Neither he nor his board
(IIRC) violated (or has even been accused of violating) any securities laws,
any professional ethics, nada except perhaps some external populist
sensibilities.

Frankly, I'm happy to let anybody who generates 100x ROI for me have any comp
he or she likes.  If Michael Dell wants a reserved table and a $1000 a day
lunch budget for The Yellow Rose (a local titty bar, a quite nice one IMO)
that's just peachy from me as long as those numbers on my brokerage statements
continue to soar.

Case is #1.  Case dismissed.

jb