Anybody get hurt on that ENRON SCAM ???

spanky2

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Hope nobody got hurt on that crap at Enron,Man that just sucks bigtime...
I got some TYCO, paid $47 for it and really don't want to take the loss,but I'm worried about all this 'accounting irregularities'that seems to be the topic of the day. Shit, I saw Maytag was going through the same thing.
I think it is a matter of people panicing after the $63 Billion Enron lost. But, I really am concerned about TYCO, Acompany worth over $100 Billion,and there is ALOT of negative talk out there,and I sure don't want to see it keep dropping.
Anybody got any TYCO ??? What are your thoughts and plans. And no, I am not going to average down at this time.
Thanks, Spanky....:( :( :(
 

yyz

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On the course!
Anybody hurt? Yeah.......every fuhking person who had a frontline job with those bastards!

Nice wake up call for the rest of the world. I highly doubt ENRON is the only corperation to juggle the numbers in this fashion.

Nice to know that the cash you were counting on to retire, is in some fat cat's bank............
 

Daydreaming

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Spanky

Spanky

The reason why TYCO is going down is because people like you are pullling out, due to them borrowing on leverage. Many firms due this, the problem lies when they are borrowing without the ability to pay back. In my oppinion TYCO is a sounfd corp, however you should do your own research, check the #'s. Look at their cash flows, debt-eqity ratio, many of their liquidity ratios, etc. etc. This will help you out tremendously. If I get a chance I'll check out too, because they might be a smart buy right now. Got to go, but talk to you soon.

:D :toast:
 

bigbagrat

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Spanky, don't have anything going with TYCO, but the articles I have read seem to support good business operations in that company.

Now, don't call me insensitive, but the people with Enron holdings got what they deserved. First, many of the employees received stock as a bonus, in other words, they did not invest any money in the corporation. If you work for a medium to large company, you probably have some kind of similar program. The money lost was not actual money, but it was the perceived value of the investment. If I buy one share of stock at $10.00 and it increases in value to $50.00, then plummets to $1.00, I didn't lose $49.00.

Granted, the stockholders and employees of Enron we misled. And, many of the employees were not able to sell their stock even if they wanted to. But, the lesson to learn from this is, how carefully do you look at your retirement plans? When was the last time you read the quarterly report the company sends you? How has the downturn in the market affected your stock/retirement? If you blindly invest your money with some company and don't check on them regularly, don't be surprised if one day you, TOO, wake up with nothing.

Remember, investing in the stock market, or any market, is EXACTLY LIKE BETTING ON SPORTS. You win some, you lose some, but if you pay attention and do your homework, you will win more than you lose.
 
P

Phil Turcotte

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I agree bigbagrat.

Except until the three weeks before this went down when the execs illegally clamped their 401ks shut, employees had choices as to where to put there money. They were not forced to put their entire 401k into Enron stock, many of them chose to. They have admitted to putting all their eggs in one basket because they thought the company was doing great.

**Misled or not**, if you dont diversify in this day and age, I dont feel sorry for the results you reap. If you want to roll the dice and put it all on your company, whether a .com or blue chip, go ahead. But be prepared to reap the consequences.

NO MATTER HOW GREAT THE BASKET, dont put all your eggs in there! Diversify!
 

Ike Bomb

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TYC is fine, I buy it quarterly and have no real concerns with the company.

bigbadrat is right about not feeling bad for the people who either had all of their 401(k) money invested in Enron, or didn't sell their options. If you don't diversify, you are either uneducated or stupid, neither of which is worthy of sympathy. Stock options are compensation for employment, and should be treated as such (i.e., sold for income).
 

spanky2

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Thanks guys, Yes I 'spread my $$ around, about half Growth and half in Value. I have about 20 different Funds,as I tend to buy into a fund instead of an Equity. I only have about 6 Equities, as my comfort zone is in Funds.
I'm keeping my TYCO,as I'm not one of those panic sellers.I am not a Day Trader by any means. If I buy something,I plan to hold it for a period of years. I've been watching Tyco for over a year ,and I believe in it-I sure would not have invested if I did'nt like it.
But all this crap about every bloddy company being looked at per their Accounting procedures is getting bad for a market that is jittery already. Gee, Tyco is $100 Billion plus company and are worldwide leaders. I really think some 'shorts' are out there just dumping unfounded cap away ,and the next thing we see is a huge article in The Wall St. Jour.saying these companies are in trouble. Boy, you really have to wonder where this inuendo comes from. I would love to 'Average Down at the price Tyco is at,but there is so much going on, it makes an investor, like me , slightly scared to pull the trigger.

I hope some of you 'sharpies' grabbed some at $23 or $24,a very rebound the last 2 days.
Good luk guys....Spanky...
 
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Ike Bomb

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This is only my opinion, but 20 mutual funds is way too many.

Don't take my word for it though, ask a financial advisor or see what information you can find on the Internet.
 

spanky2

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Ike, I don't think so. I have 2 fund managers.
Each one 'has' about the same amount.One is for Growth (Tech.) and the other is for Value( less risky ). I don't see how having 10 different funds (out of the hundreds out there) in each area is way too much. I think you are totally wrong on this point ,or,perhaps you misunderstood how I stated my holdings.
I would like to retire at about 58,so I only have 9 more years.
It's funny ,the last 2 years I have scaled back the size of my 'units' when I am betting.Shit ,a couple of dimes used to be 'dick on a stick'. But I guess with my 2 kids needing more and more all the time, it seems I have adopted the idea that I worked hard to get what I have,and I don't want to 'give' it to the book. I'd rather travel, buy a new car, buy a nice watch ,take my wife to the islands for a long weekend,etc. Shit, I'm making myself PUKE,sorry.
Anyway, I got carried away there. I am a Buyer and always will be a Buyer,in good times and in bad.
Good luck to you....Spanky
 

Ike Bomb

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Good luck on your retirement, I'm shooting for early retirement as well. I'm 31 and will be able to retire at 40. I'm not having kids though :nono:, so I won't have that expense.

And yes, I still think that 20 is too many. But I wouldn't expect your fund manager to tell you that. :)

Have you checked the holdings of your funds to see how much they overlap (have the same stocks in common)? You may be surprised.
 

spanky2

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NO KIDS<WOW !! You just saved yourself 1.5 million..
Checked for overlap with each potential investment. So not much problem there.
Sounds to me your into a high% of straight Equities. Man, I've really gotten hurt on some- I went real bad on Nortel Networks last year...OUCH:(
 

selkirk

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I have 7 mutual funds, which somtimes I think is to many, I guess it depends on the person.

thanks
selkirk
 

BahamaMama

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Dear Kind-hearted Friends...
> > >
> > > Now that the holiday season has passed, please look into your heart to
> > > help those in need. Enron executives in our very own country are
> > > living at or just below the seven-figure salary level.
> > >
> > > And, as if that weren't bad enough, they will be deprived of it as a
> > > result of the bankruptcy and current SEC investigation.
> > >
> > > But now, you can help! For only $20,835 a month, about $694.50 a day
> > > (that's less than the cost of a large screen projection TV) you can
> > > help an Enron executive remain economically viable during his time of
> > > need.
> > >
> > > This contribution by no means solves the problem, but it's a start!
> > >
> > > Almost $700 may not seem like a lot of money to you, but to an Enron
> > > exec it could mean the difference between a vacation spent sucking ass
> > > in DC, golfing in Florida or a Mediterranean cruise. For you, seven
> > > hundred dollars is nothing more than rent, a car note or mortgage
> > > payments. But to an Enron exec $700 will almost replace his per diem.
> > >
> > > Your commitment of less than $700 a day will enable an Enron exec to
> > > buy that home entertainment center, trade in the year-old Lexus for a
> > > new Ferrari, or enjoy a weekend in Rio.
> > >
> > > HOW WILL I KNOW I'M HELPING?
> > > Each month, you will receive a complete financial report on the exec
> > > you sponsor. Detailed information about his stocks, bonds, 401(k), real
> > > estate, and other investment holdings will be mailed to your home.
> > > You'll also get information on how he plans to invest his golden
> > > parachute.
> > >
> > > Imagine the joy as you watch your executive's portfolio double or
> > > triple!
> > >
> > > Plus, upon signing up for this program, you will receive a photo of the
> > > exec (unsigned-- for a signed photo, please include an additional
> > > $50.00). Put the photo on your refrigerator to remind you of other
> > > peoples' suffering.
> > >
> > > HOW WILL HE KNOW I'M HELPING?
> > > Your Enron exec will be told that he has a SPECIAL FRIEND who just
> > > wants to help in a time of need. Although the exec won't know your
> > > name, he will be able to make collect calls to your home via a special
> > > operator just in case additional funds are needed for unexpected
> > > expenses.
> > >
> > > YES, I WANT TO HELP!
> > > I would like to sponsor an Enron executive. My preference is checked
> > > below:
> > >
> > > [ ] Mid-level Manager [ ] Director [ ] Vice President (Higher cost;
> > > please specify which department) [ ] President (Even higher cost;
> > > please specify which department) [ ] CEO (Contribution:: Average Enron
> > > janitor monthly salary x 700) [ ] Entire Company [ ] I'll sponsor an
> > > Exec most in need. Please select one for me.
> > >
> > > *It's just that easy so do it now!*
> > >
> > > Please charge the account listed below ___________ per day and send me
> > > a picture of the Enron executive I have sponsored, along with my very
> > > own Enron "Keep America Strong; Sponsor an Enron Exec: Ask Me How!"
> > > t-shirt to wear proudly.
> > >
> > > Your Name: _______________________
> > > Telephone
> > > Number:_______________________
> > > Account Number: _______________________
> > > Exp.Date:_______ [ ] MasterCard [ ] Visa [ ] American Express [ ]
> >Discover
> > > Signature: _______________________
> > >
> > > Mail completed form to "The Invisible Hand" or call 1-900-2MUCH now to
> > > enroll by phone. Note: Sponsors are not permitted to contact the
> > > executive they have sponsored, either in person or by other means
> > > including, but not limited to, telephone calls, letters, e-mail, or
> > > third parties. Keep in mind that the executive you have sponsored will
> > > be much too busy enjoying his free time, thanks to your generous
> > > donations.
> > >
> > > Contributions are not tax-deductible
 

djv

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Mama Good Stuff LOL. :D And to them turds that screwed up so many lives. :moon:
 

Spock

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20 funds .. wow ..

guess it depends on the size of the basket we are talking here ..

but usually a lot of funds in same category tend to have the same core holdings ..

IKE .. . good luck with the early retirement .. any plans as to what u gonna do when u r retired ?

I just started working 2 years ago after graduating from university but am trying to stash away some cash so that with the power of compounding i can have a choice in around 15-20 years ..

Cheers !!!
Spock

# btw Tyco is a good company (at least from what they show on the books) .. i bought it @ 24 .. . lets see what happens .
also if anyone thinkin of what 2 buy in 401 K .. RRSP in canada for me .. am betting on gold and commodities .. gold ETF returning 35% last year and 12% in last week. When people are not sure of which direction market is heading better to go to the fundamentals. Of course I may not know a lot having not lived through a total bear market with my money in the market.

Thoughts appreciated ..

# If putting money in funds what kind of breakup are we looking at for asset allocation .. thanx
 

auspice

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One of the more maddening things to come out of this was on NBC news last week. They showed the mansion that one Enron executive was building right now. It's monsterous. The reason he's doing it right now? Texas bankrupcy laws allow homeowners to keep their homes after bankrupcy. These guys are building million(s) dollar homes that can't be taken from them iregardless of how things play out. Any lawsuit against them for ANY reason will be relieved during bankrupcy and they've got seed money to live like kings. Pathetic
 

Ike Bomb

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Spock,

It won't be retirement in the traditional sense, but I don't know what else to call it ("Freedom" maybe). I enjoy my career so I don't see myself stopping, but I will be at a point where I don't have to work. I will be able to work as few or as many hours as I want, travel, etc.

I will be able to quit a job if I don't like it or if my boss pisses me off. I can't put a price tag on that. :)
 
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