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Technology Stocks : WCOM
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To: paul t who wrote (11135)7/3/2002 3:17:11 PM
From: waldemar cyranski  Read Replies (4) of 11568
 
Et Al....I am a 74 yr. old with all my investments in my IRA. The WCOM debacle has devastated my funds. In normal IRA transactions I clearly understood that upon withdrawal of funds one pays the US tax on profits at whatever tax rate on happens to be in at the end of the tax year. I also understood that losses are not deductible. However, WCOM is not an ordinary loss that can be considered "poor investment" judgement on my part.
All the research data and recommendations pointed to WCOM being a good investment as described by America's top brokers and analyst. It was based on this info. that I made my purchase at $38 a share.
Now the President of the USA, the SEC, Congress and the current WCOM CEO have all stated that criminal actions by the corporation have resulted in my loss. It seems that this is a unique situation and there should be a unique action of relief for stockholder/investors with IRA's that are double penalized?
Amongst all the wise and learned posters to this thread, would someone please suggest a course of action that I may take? I know from previous experiences that the "class action" filings can go on for years, generate tons of paper work and only the attorneys get publicity and make money. Therefore that action is meaningless!
I would like the opportunity to pay the goddam taxes on the IRA funds I lost at the $38 dollar level of investment and then write the sum off as total losses come year end 2002!
Any direction will be appreciated. Thank you.

Waldy
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