Sadly, much is 401(K,B, whatever) money Jacob. Many companies greatly limit where 401 money can be invested and what you can invest it in. In ord er to get the tax advantages of a 401K (pre-tax withdrawal) you have to use the companies plan. Sometimes they will not match you unless you choose t heir stock). Also, when a company is run correctly (legally?) and the stoc k is rocking ($80+) then you might think it is a great plan. Also, many pe ople are "incentives" to work by getting stock that has a significant valu e. Again, if the company is run well.
It's almost like forcing people who work for you to invest in your st ock which you get the proceeds of as well as the proceeds of the company. You win either way or both ways while the going is good. The gist is that most people are not prepared to manage the complexit ies of their own portfolio. They have neither the time nor expertise. If thi s does not scare you away from the new Social Security plan, I don't know wh at will. Everyone who is jumping on that band wagon seem to think stocks only go up, and for awhile they did, but they can go down too. A lot of pe ople know that now. What the leaders of Enron (and some shareholders too) did there is cr iminal, pure and simple. But I don't think much will happen. The assets of th e company are gone. The corporate veil is in place. The same types of m en run the country and legal system and have an interest in not doing anythi ng. It could be them next week. There is almost zero news about it, so no an gry crowds out there demanding justice. -Gary > -----Original Message----- > From: Jacob [mailto:[EMAIL PROTECTED]] > Sent: Thursday, December 06, 2001 8:49 AM > To: CF-Community > Subject: Re: Well, add another black day to the list... > > > Something to learn from this: never have more that 10% of your > portfolio in > > your company's stock. > > At 11:47 PM 12/4/2001 -0600, you wrote: > >Enron in Houston just laid off 5,000 people. Most lost their entir e > >retirement (401K was tied to the company stock). And the big guys wal > >ked > >away with hundreds (read 2.5+) hundreds of millions of dollars. We ll, > >business in America, capitalism and all that. Rich get richer and mid > >dle > >class take the beating. And all it gets on FOX/News is a scrolling li > >ttle > >line at the bottom of the page while a sad puppy-eyed bubble heade d b > >leach > >blonde talks about OJ being in trouble again. Hello!!! Who gives a sh > >it? > >Good God man. Liberal media? Bah. > > > >Sad thing is, I believe in the principles of capitalism, only regu lat > >ed. > >Unregulated it is highly destructive. Anything goes. Some of you a re > >feeling > >the pinch of this even now. It will be a travesty of law and an in dic > >tment > >of the business laws in this country if these men walk away with a ce > >nt from > >this. Hell, that happens in third world countries all the time. Th ey > >should > >all go to prison - for life. Only the "corporate veil" will shield th > >em. 1/2 > >billion in money that was out and not on the books (neat little lo oph > >ole, > >don't own more than 50% in a company, don't show the money on the boo > >ks). > >And the Bush plan to give money back to all these poor companies t hat > > are > >just struggling in the current climate (what, they did not save mo ney > > for a > >rainy day?) will be giving money BACK to Enron under the law. Ugh. > > > >Man, how many lives did these few people just trash? Right before Chr > >istmas > >(reminiscent of Exxon\Mobil merger last year) and in a down and ou t e > >conomy. > >Like the guy said after the S&L scam of the 80's, "I wish someone had > > robbed > >me and broken my arm. I could recover from that. I have lost every thi > >ng I > >worked a lifetime for and have no way to recover it now." (closely > >paraphrased). These people have too much power to affect to many l ive > >s and > >to little regard for those lives. I bet none of these men are loos ing > > a > >minutes sleep over this. > > > >Funny, we punish the hell out of blue collar crime and reward whit e c > >ollar > >crime. Only... it does billions of dollars of damage annually and aff > >ects > >countless lives. > > > >Gary P. McNeel, Jr. > >MyKitPlane.com > >[EMAIL PROTECTED] > >http://www.mykitplane.com > > > >What's the hurry? Are you afraid I won't come back? > > > >� Manfred von Richthofen, 'The Red Baron,' last recorded words, in > >reply to > >a request for an autograph as he was climbing into the cockpit of his > > plane. > > > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Get the mailserver that powers this list at http://www.coolfusion.com Archives: http://www.mail-archive.com/[email protected]/ Unsubscribe: http://www.houseoffusion.com/index.cfm?sidebar=lists
