Trust me, those at Enron should be strung up from the highest oak tree in Houston...
I know about 401Ks and IRAs. I have a Roth IRA, and I have helped my dad with is 401K. He was losing money in it mostly in company stock. He never looked at his 401K since the company started it. Last year, even in a bad year for the stock marker, he was about to gain 14% for the year in his 401K with less that 15% in company stock. All 401Ks have at least 6 to 10 choices. Some are crappy, like bonds, but some 401Ks I have seen have had at least one or two funds that are respectable. If your 401K at work is crummy, then invest less in the 401K and more in something like a Roth IRA. I max out $2000 per year in my Roth IRA for the last 3 years and so far I have been happy. Never put all your eggs in one basket... At 09:18 AM 12/6/2001 -0600, you wrote: >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. > > > > > > > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Your ad could be here. 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