Now who's doing 'the Hustle' with options?In his recent editorial, "Doing 'the Hustle' with options," (Accounting Today May 16-June 5, 2005, page 6) Bill Carlino stated that he dislikes "retro flashbacks" and things of the 1970s. He argues that the Financial Accounting Standards Board must dislike today's Securities and Exchange Commission interference in Rule 123R regarding options, as FASB presumably disliked the last major SEC interference regarding oil and gas accounting in the 1970s.

But is it the SEC and anti-expensing groups that are dragging us back to the future, or is it FASB? Arguably, it is FASB that is wearing the bellbottoms.

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