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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: LTK007 who wrote (8972)11/28/2001 9:25:01 PM
From: JOHN N.  Read Replies (2) of 99280
 
Max;

I personally know two people who just retired from Enron and had left their retirement money in Enron Stock. Enrons retirement plan consists of offering stock options and a 100% matching 401K plan where their contribution is in Enron stock. The stock and the options cannot be sold until the employee leaves the company. It is basically frozen in their retirement accounts. They and the other 26,000 employees have lost all of their retirement plans. And now, many of them will be losing their jobs shortly.

Of course, we all know that stock option bonus plans such as the 125 MM$ given to Ken Lay last year was cashed out and sold since it wasn't classified as a retirement plan. I understand that he and other management received upwards of 300 million in stock options over the last 4 years.

The one women that I know is age 65, worked as a secretary at Enron, retired one year ago, left money in Enron stock and has now lost everything. Meanwhile, Ken Lay has several hundred million tucked away.
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