Another One Bits the Dust???
Coming back up from Richmond today (it's official, I am now a VCU grad student!) and heard that Ken Lay died. If you don't remember Ken Lay, he was the former CEO of Enron, one of the biggest business scandals in American history.
http://www.msnbc.msn.com/id/13715925/
Anywho...I just saw the movie, "The Smartest Guys in the Room," based on the book by the same name about the whole Enron scandal, how this gutsy reporter from Fortune was the first to start questioning Enron and she began pulling on the thread that would lead to the collapse of Enron. It is a fascinating documentary, if you have 2 hours, I highly recommend watching. Probably much of what you see in it won't surprise you i.e. Feirenheit 9/11 but it is enlightening. Some of the things I learned:
- amazing how little our government actually watches over these companies, the books were cooked for years and no one picked up on it.
- People, the little guy, must always look out for himself, cause the man at the head of the company doesn't give a rat's ass about you.
- NEVER invest ALL your savings into your company's stock!
- To an extent, just about everyone was either in on the dupe Enron was doing or was complacent in allowing it to happen. I'm sorry but these Enron employees just believed everything hook, line and sinker Lay, Skilling et al fed them. As long as the money train kept coming in, everyone in Enron was fine in not questioning, just watching their 401k's go up. You know part of why those 401k's went up, cause Enron was screwing with the state of California's energy, creating the crisis. How would one sleep at night on a retirement based because someone else's retirement (like the old grandmothers on fixed income) was being depleted to cover the cost of your company's outrageous energy costs, which they manipulated.
- Harvard Business School churns out the most unethical of all of America's business leaders and they all stick together - yay baby!
After reading about this and watching the movie, my advice to all us little guys, always be cyncial! There is no harm in investing some of your money into your company's stock, but NOT all. When the top guy says, "XYZ company is flying high" instead of being a mindless drone and agreeing (this isn't the 1950's after all), look into it, do the numbers really add up?
oh and I want to see the body of Ken Lay....I'm sorry if that seems crass, but I don't trust this guy at all. How convenient he dies just before he was going to be sentenced to probably serve life in jail. Someone keep an eye open for s short white guy good pal to the Bushes who have a whole agency [CIA] that could make a man "disappear" living in the Cayman Islands.
posted by Virginia Gal @ 8:01 PM
10 Comments:
The problem for ordinary Americans is that you have to have the savvy of an investment banker to plan for your retirement. Even investment bankers go belly up sometimes. It stinks.
Interesting conspiracy theory. Maybe we should have a look around the Cayman Islands.
ah, ken lay disappearing was also my first thought. in the news:
"HOUSTON, July 5 — In yet another bizarre twist to the Enron saga, the sudden death of Kenneth L. Lay on Wednesday may have spared his survivors financial ruin. Mr. Lay's death effectively voids the guilty verdict against him, temporarily thwarting the federal government's efforts to seize his remaining real estate and financial assets, legal experts say." NY Times story goes on to explain that the civil suits to recovery the money will continue.
Thanks for the movie review.
What blows my mind is that the bastard 'died' while at his vacation home in Aspen.
He got a left handed gift from god; a get out of jail free card.
I wonder who he'll be answering to now?
Merci - investing is tricky you are right, but if one doesn't take personal responsibility for this, than who does one have to really blame at the end??
Yes, I think you and I should expense a trip to the Caymans as Senior VP's at Pax Americana airlines, hee hee.
Elihayu - OH MY GOD, are you serious, this "death" thwarts the seizure of his assets from his family....now I know something is fishy!!!
Pax - I firmly believe whatever punishment we could dole out is nothing compared to what God will do to Mr. Lay. But it did gall me to hear that this bastard was at his vacation home when he died, wtf?! why was he allowed to keep said home?!
Laurie (nodding head sagely) intersting theory....ahum....makes one think...(cue the mystery music).
Brenda - satan? oh whoops he was already doing that.
I know several people who lost huge amounts of money in the tech stock bust a few years back, and they all had supposedly savvy financial advisors. Tricky indeed.
Yes, I'd vote for the Caymens, or some other sunny place. I'm sure our CIA has islands all over the place. After all, they have prisons all over the world.
Merci - that is sad. Investing is tough, I myself am a slow to take risk gal. I think these financial guys make it harder than it is, like a club to keep average guys out.
Joe - that is a good one, they have prisons all over why not hidding places. I tell you I don't trust this guy at all, its much to convenient he died just now, right before going to jail.
I know this is un-Christian of me, wanting come-uppance, but c'mon?! I wanted to see the sucker in Jail with the mean folks. Anyone can DIE. Heck, we all do! And as I believe that God is far more indulgent in his mercy than any of our religions purport, he's probably in the bosom of the father right with my beloved dead dog and grandparents. Where's the sweet flavor of vengance in that? Sorry, God. I'm just irritated.
Thought you'd like to know, VA Gal, that apparently the angry residents back in Houston also want to know why they haven't seen a body. They think he's faking his death, too!
Molly - aha! So I'm not the only one thinking this "death" is much to convenient - let's see the body!
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