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Enron CEO's Guilty

Discussion in 'Political Discussion' started by scout, May 25, 2006.

  1. scout

    scout Veteran Starter w/Big Long Term Deal

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    #15 Jersey

    Lay : all counts guilty
    Skilling: 18 counts guilty
    Bye bye
     
  2. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    I imagine they probably were although I paid little attention. The big lesson, though, is don't put all your retirement in one company - especially the one you work for. Duh.
     
  3. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    I believe the retirees had to leave it there. While the execs were able to pull out their retirement, the line people were not. ... at least that's what I recall.
     
  4. mikey

    mikey In the Starting Line-Up

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    We are going to get more guilty verdicts.

    DeLay is next.

    Then Cheney.

    Then ...

    .
     
  5. BelichickFan

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    #24 Jersey

    I don't think so. I think the issue was that Lay and company were telling them how great the company was doing and how much money they would make by leaving it there. Sure, the company tanking would screw up pensions but for 401K type money the company can't force the employees to put it in the company.
     
  6. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    I think what you're thinking about was there was a short time period in which this was the case but the general case of where to put their money, they did not have to invest it in Enron. But there was a short period when it was all going down when what you said is correct. But, honestly, it's the employees' fault for having it there to begin with. Diversify, people, diversify.
     
  7. All_Around_Brown

    All_Around_Brown In the Starting Line-Up

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    Another one of Bush's good friends gets hauled away. Good day Kenny Boy!

    Mikey...correction.
    Safavian is next
    Followed by Bob Ney, then Delay....
    then Ralph Reed and Denny Hastert...
    Cheney's wretched little heart will give out before he gets frogmarched
     
  8. FreeTedWilliams

    FreeTedWilliams pfadmins PatsFans.com Supporter

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    #75 Jersey

    Another victory for the Bush Justice Department, who has to clean up all the crimes that went on unpunished during the Reno days.
     
  9. mikey

    mikey In the Starting Line-Up

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    Don't forget good ol' Libby.

    .
     
  10. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Yes, diversify, but leave a little (5% or so) aside to speculate with. That's where the big money is, if you do a lot of homework and get lucky.
     
  11. scout

    scout Veteran Starter w/Big Long Term Deal

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    #15 Jersey

    You have got to be kidding! An employee of a company, especially one that was as big as Enron, should have faith in the integrity of the CEO's and corporate officials. Normally, a company will match up to 6% of your investments. Are you saying you would not take advantage of this offering? Secondly, the pensions are given with no inducement other then being an employee of that company. What these CEO's said was, do not take you money out as they withdrew every cent of their assets. F'n snakes! They will now spend 12-25 years in federal prison. This was the biggest fraud in corporate history. The bottom line is the courts and jury sent a message out to corporate America that this will not be tolerated. Diversification is very important, but not when it means your losing matching funds.
     
  12. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    I don't think an employee can anticipate rampant corporate corruption of that kind of magnitude seen at Enron, but they should still keep part of their money somewhere else. My partner gets some discounted stock through the company he works for. We treat it as a savings plan, and sell the shares as soon as we are able, because the company, while a good one, is nothing great.
     
  13. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Sure I would. If the matching has to go into the company stock (and I have no idea if that's the case or not) then fine. But it's only 6%. There were all those people who said they had no retirement left because they put it all in Enron.

    :bricks:
     
    Last edited by a moderator: Sep 4, 2005
  14. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Of course. But, again, the people who chose to put everything in Enron because Ken Lay told them the company was doing well - they got what happens to you when you're stupid.
     
  15. QuiGon

    QuiGon Banned

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    Thank God. For a few reasons...
    1) We won't have to listen to NEM blame Bush for those guys going free, and...
    2) Those guys really are guilty as sin. If anyone here has not seen the documentary "Enron: The Smartest Guys in the Room" I highly recommend it (available in DVD). I never read the book upon which it was based, but you will be appalled at the sheer audacity of these people. Most egregious, IMHO, is not just what Lay and Skilling did but how willing everyone was to just go along with them from accountants to brokerage houses to banks.

    Also, the disdain Jeffrey Skilling showed for anyone that dared to question him was beyond contempt. For example: A Merrill Lynch analyst (name escapes me) did a report questioning Enron's books and how they derive their numbers. He wanted Enron to provide better documentation. Skilling arranged for this analyst to be fired and then rewarded Merrill Lynch after it happened. Let me say that again: This man was FIRED FOR DOING HIS JOB. His only crime was he saw through the bullcrap that was Enron's financial statements.
     
  16. QuiGon

    QuiGon Banned

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    Gotta agree with BelichickFan here. If your funds are not fully vested then act as if they aren't even there. If they are fully vested, then be sure you have a well diversified portfolio (even if that means selling your own company).

    My wife and I own some great options in her company, but they are not vested yet so AFAIC they aren't in our portfolio. I don't even follow the share price all that much. But the day they become vested, we are going to sell most of them.
     
  17. QuiGon

    QuiGon Banned

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    I have no sympathy for these people who invest all their money into one company if/when that company hits the tank - no matter what reason caused the company to tank.

    Also I am sick of these people who say "I lost $500,000" when what they really did was invest $50,000, it grew to $500,000, then sunk to $0.
     
    Last edited: May 25, 2006
  18. All_Around_Brown

    All_Around_Brown In the Starting Line-Up

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    How could I?
     
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  19. mgcolby

    mgcolby Woohoo, I'm a VIP!!! PatsFans.com Supporter

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    That is one thing that baffles me about the lefties on here. They cheer for the convictions (rightfully) but somehow want to stick the corruption on Bush when in actuallity the majority of the crimes took place under Clinton, which helped fuel the false economy of the late 90's. Another reason to hate partisan politics, when my guy does it no big deal, oh but when the other guy's guy does it, look out.

    We need more independents!
     
  20. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    Didn't they all ENJOY THE GRAVY TRAIN while Clinton was President?

    Didn't they all get arrested while Bush is the President?
     
    Last edited by a moderator: Sep 4, 2005

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