TechWeek: Mercury Played by Own Rules

If you've been following the sad saga of options backdating at Mercury Interactive(MERQ Quote), you already know that something went seriously wrong at the business software maker.

But if you haven't read Mercury's recent regulatory filings, you have no idea how bad things got. Simply put, the former management team made up the rules as it went along -- and not just about options -- and the board of directors did exactly nothing to stop them.

Sure, those are harsh words. But consider these points made in the company's recent filings: ...