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Author: billjam Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19224  
Subject: Re: Living of dividends or growth Date: 1/23/2002 11:29 PM
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I keep reading how dumb ENE employees were or how they were taking foolish risks. I can't agree since they had no choice in much of this. ENE funded its 401k matching with company stock. Then they prohibited employees from selling that stock until they were 50 years old. As a final insult they conveniently decided just as the public began to become aware of a problem at ENE to change the 401k administrator. During the change, while ENE was falling from around $20 to under $1, the 401k was locked completely so employees could do nothing. At the same time senior management was telling the employees that everything would be fine while selling tens of millions in stock themselves.

No argument from me that no one should have all his money in company stock but these people didn't have a choice. I don't favor a government bailout but I do hope the courts will ultimately fine management to recover most of their fraudulent profits and use those funds to aid the employees.

Bill
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