Thankfully Adam Warner at the Daily Options Report is watching the goings on at Cramerica – so we don't have to. Adam has a problem with the way Jim is explaining away the options backdating scandal. That is the problem – Cramer apparently doesn't find it to be much of a scandal. Definitely worth a read.

It will likely be the defense of the managements involved in options backdating that their compensation packages were signed off by the shareholders, board of directors, counsel, auditors and their compensation consultants. Compensation consultants? Our guess is that the vast majority of Fortune 1000 companies have outside compensation consultants for their "independent" compensation committees.

Doesn't it feel like there is a common thread lurking out there somewhere? Given the growing scope of the options backdating scandal we would be surprised to learn that all these firms came up with this maneuver independently and spontaneously.  We are waiting with bated breath for reporters from the Wall Street Journal or New York Times to dig up a "smoking gun" document from one these consultants that served as the basis for trend that was options backdating.