You know in reviewing the Enron 401K program there was nothing wrong with it. The only real negative was that they had to hold the matching funds until age 50. The program had lots of options and it was structured great. Actually it was a model program for a modern day corporation.
The stock options were the problem. Everything else was good. It was probably better than most Vanguard or Fidelity programs with low fees or worse off some annuity with hidden fees, penalties and restrictions or an Annuity Insurance Company which files bankruptcy leaving you high and dry.
The 401K at Enron was fine really, progressive and better than most. The stock matched was free so big deal, it went up and went down, so what? The employees in the company may not have had control over it, but for some Enron employment was more of a party than resembling any real productivity or hard work ethic in the final days at corporate. Sure some people who had companies which were purchased by Enron had their retirement savings converted to Enron stock, well had they been watching they could have rolled it over then into something of value, but they did not because it was going up and they were greedy. So all in all, before you buy into the media court of public opinion you need to understand there is a lot more to the issue.
Indeed, Fastow was a crook and embezzled millions and there were others there of questionable ethics and the whole situation is a complete travesty no doubt about it, but the 401K program was actually not bad at all. Think on this.
Lance Winslow - Online Think Tank forum board. If you have innovative thoughts and unique perspectives, come think with Lance; www.WorldThinkTank.net/wttbbs/ |
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