And Griffin offered plenty of praise for Trump. “I know many of us, me included, you know, struggle with some of Trump’s behaviors,” he told CNBC. “But there was a dimension of greater global security with him as president, particularly from U.S. interests.”
It’s worth noting that Trump has threatened to blacklist Republican donors who continued to support Haley after she lost the New Hampshire primary by double digits.
An ’11th hour’ window for cheaper stock options
Companies going public face a thicket of strict rules, but have a lot of discretion in pricing their stock options before they list. That has allowed many of them to give top executives low-priced options in the weeks before an I.P.O., when they have a good sense of where their shares will probably trade but before regulations governing such grants kick in, according to a new academic paper.
Sven Riethmueller, the Yale Law School professor behind the research, looked at 121 biotechnology companies heading toward an I.P.O. from 2017 to 2021. He found that 74 issued options in the 90 days before their public debut, at an average discount of 48 percent of the companies’ eventual I.P.O. price.
By pricing the options at the last minute, a practice Riethmueller calls “11th-hour options discounting,” companies nearly guarantee that the executives will have a windfall on the first day of trading, The Times’s Maureen Farrell writes:
For private companies, the S.E.C. requires options to be priced based on calculations of an “expected market price,” since there is no public trading. Private companies typically keep the S.E.C. apprised confidentially of their executive compensation numbers in the lead-up to their I.P.O.
But Mr. Riethmueller said the regulator rarely challenged a company’s assumptions about how it had come up with the value of its stock or options, based on his review of confidential letters between the companies and the regulator. The S.E.C. acts “like an absentee landlord,” he said.
Companies try to set a low expected market price to make the discounted options appear less egregious to regulators, Mr. Riethmueller said.