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Smoke and mirrors in action.  Say one thing, do another.  Investors rarely keep up until things are waaaay out of control.  The company churned their sheets to boost the stock price and voila, all management keep being awarded options for stock price appreciation and exercising those appreciated and active ones.

Another form of Ponzi behavior everyone appreciates because they think some day they'll be a recipient.  

Really non-existent value and a setup for failure.  

Same thing happened to some banks after the repeal of Glass-Stegal from '98 onwards.

Oughta be a law against bad behavior.