A Quote by Alex Berenson
Most unfortunately, Enron's plunge into bankruptcy court also cost many of its rank-and-file employees their savings.
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During the Enron debacle, it was workers who took the pounding, not bankers. Not only did Enron employees lose their jobs, many lost their retirement savings. That's because they were at the bottom of the investing food chain.
The only beef Enron employees have with top management is that management did not inform employees of the collapse in time to allow them to get in on the swindle. If Enron executives had shouted, "Head for the hills!" the employees might have had time to sucker other Americans into buying wildly over-inflated Enron stock. Just because your boss is a criminal doesn't make you a hero.
Enron had already collapsed and filed for bankruptcy protection by the beginning of 2002. But despite complaints from short sellers that corporations had used accounting gimmickry to inflate their profits, many investors thought the crisis at Enron was an isolated case.
The CEO of Enron, Jeffrey Skilling, married one of the Enron secretaries this week. It's amazing how romantic these Enron guys can be when they realize that wives can't be forced to testify against their husbands. Skilling said today she was the best secretary Enron had ever had. She could shred 950 words a minute. ... I guess they are on their honeymoon right now. That's going pretty well. Hey, he's used to screwing Enron employees.
When the phonies are expelled from their leadership roles and the Republican Party backs a moderate gubernatorial candidate acceptable to the rank and file with proper financing and the intestinal fortitude to fight the good fight, the rank and file will rejoin the fold.
The party belongs to the millions of the rank and file. It does not belong to the handful of politicians who have assumed fraudulently to upset the will of the rank and file. The action of these men is in no sense "regular," as they claim it to be.... theft and dishonesty cannot give and never shall give a title to regularity.
Enron Field in Houston, the Trans World Dome in St. Louis and PSINet Stadium in Baltimore are just three of the modern-day coliseums named for companies that have found new homes in bankruptcy court.
The Bankruptcy Reform Act of 2005 made it harder for individuals to file bankruptcy, which is always the last resort. Unfortunately, simultaneously consumers racked up so much debt that counseling companies - which are higher up on my list if you need help managing your debt - are sometimes unable to help. So if you fall into this camp, debt settlement may be something to consider.
Even if you were to fall into extreme financial hardship and file for bankruptcy, you need to understand that your student loan debt will not be discharged in bankruptcy. It is the Velcro of all debts.
I'm only thin-skinned when somebody says bad things that are false. For instance, if you hit me about something that's true, all right, the bankruptcy - I used that as a tool. I didn't ever file for bankruptcy.
I can't tell you how many home businesses are almost in bankruptcy court over a Yellow Pages ad only to find out that the Yellow Pages ad isn't where their market will look for them, and it cost more than they thought.
Enron's president, Ken Lay, passed away last week. So, I guess even God lost money on that Enron deal. I believe the official cause of death was listed as "karma." The family asked in lieu of flowers, please send some elderly retiree's entire life savings.
Before the New York Times starts running "Portraits in Grief" of former Enron employees, it's worth remembering that even after the collapse, Enron stock is still worth more than the entire Social Security "trust fund."
Most women file for bankruptcy in the aftermath of a serious medical problem, a job loss, or a family break up. It is hard to protect against those.
Many Enron employees lost 70 percent to 90 percent of their retirement assets after the company indicated that it would re-state profit reports.
By the time most people file for bankruptcy, their credit is already trashed, they have a high debt-to-income ratio - a key indicator lenders look at - and they've likely defaulted on more than a few accounts.
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