Atkins in "Oblivious Camp"?

Compensation expert Graef Crystal wrote an editorial yesterday for Bloomberg in which he charged that SEC Commissioner is "in the camp of the wilfully oblivious." He notes that the only group that benefits from the practice of spring loading is the executive officer group. Crystal notes that Atkins' theory that the company has to pay less to the executive -- who is being compensated in the form of spring loaded options -- and that the "decreased" executive pay is of benefit to the shareholders.