Uh, messing with 401Ks and IRAs?

[hollysmom]

34. they had money in the company stock because a lot of companies required it back then

as bad was when color tile went out of business - I was working for some pension actuaries at the time and that was all they could talk about. Color tile gave the employees a choice of how they wanted to invest in color tile stocks or bonds. Didn't matter when they went under the CEO made out like a bandit and the employees were left with nothing because their traditional retirement plan was also totally invested in Color Tile. That was when a law was passed so companies could not require you to invest in them.

My last job for Mellon, the matching funds were in Mellon stock, we had no choice on that, but all the money we could put in had to be invested in mutual funds only. On the side the company pushed the company stock to emplyees at 40 a share , where the CEO and board got it at $6 a share and middle management got it at $20. The 20 paid off, but the employees with the $40 lost money all the time.

I still don't believe the head of Enron is dead, I think the suicide was faked. He should have had every cent he had taken and distributed to the stock holders. As to the employees, they were lied to continually about how great business was, while upper management was dumping their stock they put a 6 month hold on the lower level employees 401K so they could not cash out.