From Corporate Governance Watch

Arthur Levitt is unhappy with the backdating of options grants to executives:

Corporate Governance Watch: Quotable Quote Backdating "represents the ultimate in greed," says Arthur Levitt, a former chairman of the Securities and Exchange Commission. "It is stealing, in effect. It is ripping off shareholders in an unconscionable way."

The most puzzling thing about the CEO compensation scandals is that one would think that those who pay--the shareholders--would already have all the tools they need to control their agents. Why don't they?