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Originally Posted by GenuineRisk
It's what they'd planned to retire on. If that's not your life savings, what is?
Yes, duh about diversification, but you'd be amazed at how many people don't know to do that. They don't teach you it in school. Or to put money aside BESIDES Social Security, because 40 percent of your average income ain't much to retire on... as those poor Enron folks suckered by Lay are going to find out.
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Genuine Risk,
You got that right. Unfortunately, with his death also go away all charges and findings. At the time that the Enron were given options for their retirements, they couldn't touch their "holdings" unless they were over 50.
That was the law as of 2003, and it effected 20% of all "stock holders", not only Enron's. Since then, the law has been amended, however it still effects 8% of those that hold stock in the companies they hope to retire from.
Some of Enron's workers have really been "hung out to dry". There was an item on the news about a 74 year old man that helped build the company, aand lost over 1.3 million in earned retirement benefits. Now he's living on SS.
It seems with recent events, Ken Lay is guilty of nothing as he wasn't sentenced. That's the law.
All the rest that worked all of their lives are S h Outta Luck.
Justice?
Not in this country.
A shame that they can't even touch the estate.