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Old 01-15-2002, 11:34 AM   #1
*\Conan/*
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Join Date: March 1, 2001
Location: Virginia, USA
Age: 56
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Mr Lay- "macro" consequences are not acceptable. Selling stock backed by a smoke screen is just wrong. Then blocking your employees the same privilage makes it even worst. Even a poor scribbler such as myself understands what happened here. Looting your shareholders wealth and destroying your employees lives is disgusting you little knave. Give the money back!!

Please feel free to join in here you guys...
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Old 01-15-2002, 11:42 AM   #2
Barry the Sprout
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Join Date: October 19, 2001
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Just thought you might like this little gem:

"Companies come and go, it's part of the genius of capitalism.".
- Paul O'Neill (Treasury Secretary) on the collapse of Enron.
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Old 01-15-2002, 11:46 AM   #3
Epona
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Join Date: March 1, 2001
Location: London, England
Age: 46
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quote:
Originally posted by *\Conan/*:
Mr Lay- "macro" consequences are not acceptable. Selling stock backed by a smoke screen is just wrong. Then blocking your employees the same privilage makes it even worst. Even a poor scribbler such as myself understands what happened here. Looting your shareholders wealth and destroying your employees lives is disgusting you little knave. Give the money back!!

Please feel free to join in here you guys...



LOL, I don't know exactly what you're talking about Conan (I must have missed that news report or something!), but I agree wholeheartedly with your sentiments!
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Old 01-15-2002, 11:47 AM   #4
Micah Foehammer
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Join Date: November 15, 2001
Location: Asheville, NC
Posts: 3,253
I work with a couple of ex-Enron guys. Here is their INSIDE take on the situation:

Enron's 401k plan was split into two component parts:
The first part was comprised of employee contributions and contributors have always had the option to invest there money into a WIDE variety of funds as well as Enron stock. The second part was Enron's matching contribution which was restricted (until 4th q of 2001) to Enron stock. Late in 2001, Enron employees were given the option to move their Company contributions out of Enron stock into other investment options; however, many declined to do so because the procedure was allegedly cumbersome and time consuming. At the time this option was offered, Enron stock was in decline from its high but was still above 40$ a share.

According to my friend, he can sympathize with those people who took a major hit, but he points out that employees WERE given options that would have allowed them to diversify their 401k plans and many simply did not exercise those options.

I do agree that Lay and his cronies are guilty at best of negligence and at worse of fraud and insider trading violations; however, the employees themselves are not entirely blameless since apparently they could have limited or perhaps completely eliminated the downside liability of their portfolio losses!
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Old 01-15-2002, 12:14 PM   #5
*\Conan/*
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Join Date: March 1, 2001
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Seeing as Enron didnt show any red before their crash most employees wouldnt have seen this coming. Open season for retirement options happens all the time. If insider trading and other laws have nothing to aim against here its time for a change. I hope they have a congressional hearing at least about this. IMHO thats all. 85 dollars a share to 68 cents a share. Guess who takes the beating. How will this end I wonder.? Mr Lay got 30 million in sales for his stock by the way. Looks like he watched his porfolio closer than the others. I do read what your saying thow Micah Forehammer [img]smile.gif[/img]
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Old 01-15-2002, 05:31 PM   #6
Jan
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Sorry to say it but guys on that level don't give a shit about "you and me".
 
 


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