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Old 02-27-2006, 01:33 PM   #1
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Ken Lay becoming Poor

http://money.cnn.com/2006/02/27/news...ex.htm?cnn=yes

He was worth an estimated 400million dollars and supposedly only has 650,000 dollars left.

He had to sell his last house. Now he get's a taste of his own medicine.
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Old 02-27-2006, 01:43 PM   #2
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I wouldn't feel too bad for him. He probably has money hidden away. Someone who is as smarmy as he is to steal pensions and pull all the crap he did is likely to protect himself first by hiding money.
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Old 02-27-2006, 02:07 PM   #3
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I don't buy it. As Yellowkite says he probably has money stashed away. He may have offshore accounts or whatever.

I have changed my views on Ken Lay and Enron having read more about it. I think if found guilty a long sentence is appropriate.
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Old 02-27-2006, 02:12 PM   #4
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I'm certainly not worried about Lay's financial health. It's not my problem. Greed shouldn't pay.
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Old 02-27-2006, 04:13 PM   #5
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Are we suppose to feel bad about $650K net worth?
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Old 02-27-2006, 04:24 PM   #6
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I encourage everyone to watch the great documentary, Enron: The Smartest Guys in the Room. It will leave your blood boiling.

Lay and Skilling should rot in jail until they die.
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Old 02-27-2006, 06:56 PM   #7
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I admit, it's satisfying to see him lose a huge chunk of his fortune, but I wouldn't exactly call someone with $650,000 "poor."
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Old 02-27-2006, 07:01 PM   #8
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Yeah, considering the median annual family income these days is $43,200...
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Old 02-27-2006, 08:05 PM   #9
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Quote:
Originally posted by Bono's shades
I admit, it's satisfying to see him lose a huge chunk of his fortune, but I wouldn't exactly call someone with $650,000 "poor."
I bet you could find plenty of people in California with a net worth of $650K still living paycheck to paycheck
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Old 02-27-2006, 08:34 PM   #10
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Quote:
Originally posted by nbcrusader


I bet you could find plenty of people in California with a net worth of $650K still living paycheck to paycheck
Well when you think your 9 year old daughter needs $200 Uggs, a $350 cell phone and a Louis Vuitton handbag, is it any surprise?
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Old 02-27-2006, 10:15 PM   #11
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Individual metrics can be misleading. High net worth may be tied up in the home equity, with many people unable to purchase the home in which they currently live.

The trend in the US for the last 25 years has been to increase spending to match (or exceed) income. Deferred consumption was replaced by deferred repayment.
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Old 02-28-2006, 01:58 AM   #12
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Quote:
Originally posted by anitram
I encourage everyone to watch the great documentary, Enron: The Smartest Guys in the Room. It will leave your blood boiling.

Lay and Skilling should rot in jail until they die.
didn't see the documentary - would probably anger me too much. But I agree on your assessment above.
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Old 02-28-2006, 12:49 PM   #13
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Quote:
Originally posted by anitram

Lay and Skilling should rot in jail until they die.
I agree.
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Old 02-28-2006, 01:07 PM   #14
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Quote:
Originally posted by anitram
Lay and Skilling should rot in jail until they die.
How would we structure sentencing guidelines to achieve such a goal? Can the magnitude of fraud be scaled to a series of prison terms - with a certain level automatically getting life in prison?
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