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Technology Stocks : WCOM
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To: waldemar cyranski who wrote (11137)7/4/2002 3:08:24 PM
From: tejek  Read Replies (1) 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.

From what you've said, it sounds like you had a number of WCOM shares in your IRA account. Not to diminish the abilities of the posters on this thread, but I would recommend that you have a good accountant look at the situation. I think any answer and remedy should take into consideration your overall financial situation. And I believe that's something only an accountant who has the full story can do best.

And I'm sorry you have been stung this way. However slim, there is still the hope that Sidgmore can turn silk out of a sow's ear. And what I am about to say may provide little solace to you, but the honest people on the Street are calling for heads to roll; that the simple apology provided by the Sedgmores of the world is not nearly satisfactory. People like K. Lay, D. Kowloski [sp?], S. Sullivan, and probably Ebbers deserve to pay with more than a slap on their hands for the debacle they have created.

Good luck!

ted
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