Jenkins on Stock Options

Holman W.Jenkins Jr., in today Wall Street Journal ("Stock Option Fiends Revealed"). is once again excusing those who back dated stock options.  The expensing rule on stock options in 1995, requiring "in the money" options to be expensed and "at the money options" not to be expensed, was irrational and back dating options to make "in the money" options look like "at the money" options was a "victimless crime."  He is incorrect, of course, because one of the effects of the fraud was to claim favorable tax treatment for the phony "at the money" options.