Ken Lay has died (heart attack)

Reuters | 7/5/06

[ElRushbo]

cause of death unknown

[Diogenesis]

Clinton call him, "DONOR".

Clinton helped Ken Lay get a $3 billion power plant project in India for Enron.
Four days before the deal went through, Enron gave $100,000 to the Democratic party.

[Lazamataz]

He shot himself with a heart attack.

He shot himself with a fatal overdose of heart attack in the garage with the car running.

[PGalt]

Condolences to his family.

[Lazamataz]

It's not uncommon for the initial reports of breaking news to contain inaccuracies. It happens here all the time. That's the way it is.

BREAKING NEWS! HAL9000 STATES HE LIKES INACCURATE BREAKING NEWS!

[The Sons of Liberty]

I sympathize with his family, who certainly do not deserve to be pilloried over his corrupt business dealings,

I would probably agree if they didn't partake of the life of luxury that his corruption provided. There are a lot of people who lost retirement savings that now will have to scrimp and save just to make it. Sorry. I have no sympathies.

[Fury]

Employees really need to diversify their portfolios. As I understand it in just taking a look on-line, the employer match was in Enron company stock.

From the www.enronerisa.com/plan.html page:

"Enron is the sponsor of the Plan. The participants of the Plan were permitted to contribute from 1% to 15% of their eligible base pay to the Plan. Participants directed the investment of their contributions, in 1% increments, to the various investment options available in the Plan. Most of these options were diversified mutual funds. (emphasis added) However, the options also included the Enron Corp. Stock Fund and the Enron Oil & Gas Stock Fund (without distinction, the "Company Stock Funds"). The Company Stock Funds invested solely in company stock (and a small portion in cash equivalents for liquidity). Enron matched participants' contributions, at certain specified percentages, by making contributions to the participants' account into the Company Stock Funds. These investments were frozen in the Company Stock Funds in most cases until the participant reached age 50."

So, it would appear the employees had the ability to diversify their contributions to the 401(k) plan, but that many did not. Ultimately, that portion of their 401(k) plan was their responsibility.

[Lazamataz]

It's not uncommon for the initial reports of breaking news to contain inaccuracies. It happens here all the time. That's the way it is.

Later reports state that HAL9000 merely acknowledged that inaccuracies are not uncommon in breaking news.

[Tuscaloosa Goldfinch]

Doc Holliday in Tombstone

Do you think that Tombstone is the new Godfather? My husband is always quoting Doc Holiday.

[sitetest]

Dear ladyjane,

"Does anyone over the age of 12 NOT know that you must diversify investments?"

Yes.

It's dismaying, but a lot of folks know just about nothing about how to invest in financial assets.


sitetest

[A. Pole]

Arkancide?

Hague syndrom?

[rottndog]

I would probably agree if they didn't partake of the life of luxury that his corruption provided.

The most galling part of this was when ole Kennyboy was hiding behind his wife's skirt when she was telling her sob stories about having to sell one of their 5 houses and how they were "fighting for liquidity".

I don't wish them ill, but at the same time I don't have much sympathy.

[lucysmom]

Lay committed fraud.

That's all.

He was not Hitler. He was not evil incarnate.

So fraud is a "nice" crime?

[HAL9000]

Yeah, that's what I'm talking about.

[wideawake]

Good post.

BTW, it's amazing how many FReepers actually believe that a company can have an in-house rule that prevents shareholders from freely disposing of vested shares as they see fit.

In other words, Enron and not the SEC regulates the stock market.

[maine-iac7]

...

[wideawake]

So fraud is a "nice" crime?

Who said it was?

[Lazamataz]

Suicide was illegal in pre-Revolution France.

The penalty was death.

[Christian4Bush]

Arkancide?

My thoughts exactly...though I'm probably the 100th poster to say it.

[Praxeus]

"he was just a thief"

If Mr. Lay was "just a thief", then Adolph Hitler was "just a murderer."

It is the scale of Mr. Lay's thievery that sets him apart. Thousands of lives were affected.. and who knows the full effect this debacle will have in those lives.

[100%FEDUP]

I say Mrs. Lay nagged him to death about not giving the money back!