[sitetest]

Dear wideawake,

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

LOL! Yeah.

I remember seeing this old guy on TV with his 401(K) statement. It had one entry - for Enron shares. Face value at statement date - something like $1.8 million. He was whining that now his entire 401(K) was worthless.

And I'm thinking, you didn't bother to sell a SINGLE SHARE AND BUY SOMETHING ELSE?? WHAT THE HELL DID YOU EXPECT, FOR THE TREES TO GROW TO THE SKY??

And then it occurred to me, yeah, that's what folks think. That trees will grow to the sky.

I've often thought that one regulation that might be worthwhile would be to limit the percentage of company stock folks could have in their 401(K)s. I'm not usually amenable to additional government regulation, but I think that the whole Enron debacle shows that a significant portion of America needs protecting from themselves.

However, instead of something that approaches being sensible or appropriate like some additional reform of 401(K) rules, we get that swansong from the previously unheard-from senior Senator from Maryland, the Sarbanes Oxley Act! What idiocy!


sitetest

[Mr. Jeeves]

I'm not usually amenable to additional government regulation, but I think that the whole Enron debacle shows that a significant portion of America needs protecting from themselves.

Which is why Social Security privatization will never fly. A huge percentage of people are simply too dumb to manage their own money.

[Jaded]

Enron isn't the first time that's happened to employees either. I had a friend who worked for Mercury Financial Company when they got caught cooking the books. The employees with all of their retirement in MFC stock took a big hit. She didn't though.