ENRON execs in deep poopoo?

[Sir Kenyth]

Looks like they tried to find a scapegoat, but it didn't work. The fact that the execs. in question parasitically gained huge profits while the company died from the bloodletting kind of tells the whole story by itself. Don't you think?

[Charean]

It looks like money will buy them out of trouble for a while... but wait. Things may bite them back. [img]graemlins/1disgust.gif[/img]

What goes around comes around. Ya know?

While I agree that the ENRON execs need to be shot (figuratively) and more importantly held accountable I would like point out one little fact that nobody has mentioned...(ok so its gonna sound like Im instigating)

Everyones real problem about ENRON is that the employees lost their ENRON stock that was in their 401K.....I would like to say..ANYONE who doesnt diversify their portfolios wether in straight up stocks or 401k mutual funds is a moron. When you work for a company you are already betting a good part of your income to the well beaing of that company so putting your lifesavings into stock for that same company is insane..oh sure take advantage a little (AOL stock made a lot of employees rich but then when the stock price crashed some lost all they gained and more) But any 1st year accounting student can tell you to never invest all your money and wealth into one basket..the word is DIVERSIFY!! People need to take more responsibility for thier own well being..I detest people depending on "the government" or any other institution to "take care" of them (Im speaking of able body non-learning impaired people here).


So the MORAL of my story here is.....If you work for Company A and depend on them for income, dental and medical insurance...do NOT invest all your retirement money in that same company!

So I maintian that the employees themselves are at least in some small part responsible/accountable for their own plight.

[ 02-07-2002: Message edited by: MagiK ]

I also want to say, that once they get these exec's in court and find them guilty, I think their ill gotten millions need to be confiscated and redistributed to the ENRON employees via a balanced IRA, I think the government should set up the IRA for the people and not give the people the money directly since they already have proven to be....less than adept at financial planning on thier own behlaf.

[Thoran]

I just watches some of the testamony on CNN... you wouldn't see any more bobbing and weaving at a 15 round boxing match.

"I realize everyone knows I'm a control freak... but for some reason I didn't know about ANYTHING that was happening around the time I was CEO of a company that was doing ALL sorts of improper things"

Sure you don't.

[MILAMBER]

I was just reading that the execs will get to keep their multi-million dollar houses because of some kind of unusual Texas homesteading law. Anybody heard anything about that?

[Larry_OHF]

quote:

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Originally posted by MILAMBER:
I was just reading that the execs will get to keep their multi-million dollar houses because of some kind of unusual Texas homesteading law. Anybody heard anything about that?

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The art of arseny comes to mind...

[Sir Kenyth]

Unfortunately, many extremely wealthy people are that way for a reason. A gimme mine and screw everyone else mentality. The ENRON execs knew exactly what they were doing. They artificially blew up the stock prices with creative accounting and facade partnerships and then sold out while locking employees from selling theirs. In effect, siphoning all the other accounts into their own. One woman ordered hers sold before the lock out and it seems that they waited until after the price plummeted to actually sell it for her. These people couldn't have been more blatant if they just transferred money out of the retirement accounts into their own. Now they want to file bankruptcy and keep all the money they stole! Free millions for them and the little man picks up the tab! I agree that you should never invest everything in one place like they did, but you have to understand that there was probably a lot of pressure to invest in themselves. There was also a great deal of deceit and intent that was malicious at heart! It's sad that the greatest amount of theft occurs as the rich robbing the poor. People with money fleecing people without through financial manipulation. White collar crime at it's finest! They'll get it in the end. This one is too obvious to just let slide. The republicans will find themselves VERY unpopular next term if this isn't attended to promptly!

quote:

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Originally posted by MILAMBER:
I was just reading that the execs will get to keep their multi-million dollar houses because of some kind of unusual Texas homesteading law. Anybody heard anything about that?

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Its not a Texas only thing...the homesteading laws..several other states have homesteading laws to protect EVERYONE not just rich white dudes from loosing their homes and becoming homless in case of economic disaster, Florida is another state that I know has this law, and no before anyone connects the Bush family with this as some protecting the rich thing..it predates the Bush family in both states by generations.

quote:

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Originally posted by Sir Kenyth:
Unfortunately, many extremely wealthy people are that way for a reason. A gimme mine and screw everyone else mentality. The ENRON execs knew exactly what they were doing. They artificially blew up the stock prices with creative accounting and facade partnerships and then sold out while locking employees from selling theirs. In effect, siphoning all the other accounts into their own. One woman ordered hers sold before the lock out and it seems that they waited until after the price plummeted to actually sell it for her. These people couldn't have been more blatant if they just transferred money out of the retirement accounts into their own. Now they want to file bankruptcy and keep all the money they stole! Free millions for them and the little man picks up the tab! I agree that you should never invest everything in one place like they did, but you have to understand that there was probably a lot of pressure to invest in themselves. There was also a great deal of deceit and intent that was malicious at heart! It's sad that the greatest amount of theft occurs as the rich robbing the poor. People with money fleecing people without through financial manipulation. White collar crime at it's finest! They'll get it in the end. This one is too obvious to just let slide. The republicans will find themselves VERY unpopular next term if this isn't attended to promptly!

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Sir K, that comment does a disservice to every hardworking american who ever managed to be successful without "screwing" his fellow man to do it. Not every rich man, not even MOST rich people (defined as having more than a $1,000,000 net worth) did anything illegal, imoral or wrong to get that way. Dont be to cynical about everybody because of other peoples actions. Ive been moderately successful and while I do not have a networth of $1,000,000 im on a track to be at least half way there before I retire and I KNOW I have never used or abused anyone in my quest for success.