Lucent Workers Screwed For Putting All Of Their Nest Egg In One Basket
from the diversify,-diversify,-diversify dept
Any financial advisor or anyone who bothers with finance at all knows the importance of diversification. It seems that no one passed those lessons on to many Lucent employees, who put all of their retirement savings in Lucent stock (the NY Times wishes you to remain ignorant of this unless you've registered with them). So, now that the stock has collapsed, the company is in trouble, and everyone is getting laid off, many former Lucent employees have lost out on their expected retirement money (though, the two guys at the top made out okay). It's interesting to see that while employees were encouraged to bet the farm on Lucent stock, the top executives were paid cash. Makes you wonder...
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More LU musings
spongebrain: Author means: "Ms. Stiles, who is poor......"
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"My dream was to retire and take care of my granddaughter, Isabella," she said. Now, she is doing contract work four days a week.
spongebrain: Soon , her dream willl be to contract 4 days a week
lazlo: ha yes
lazlo: "I had a nice warm office"
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"She and her co-workers passed around what they called a retirement clock."
"I had one of those little clocks that counts the days," she said.
"We had a group of girls who worked together all these years, and the person that was closest to retirement got the clock.
lazlo: they should have been working instead
lazlo: maybe they wouldn't have been fired
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"Now, Lucent is dismissing 15,000 to 20,000 more workers who did not take the buyout. "
lazlo: nice
lazlo: suckers
lazlo: moral: if offered buyout, take it
lazlo: you won't like the alternative
lazlo: like when they ask president to resign
spongebrain: yes, when the bully offers to count to 10 before beating you up.....you run and take the headstart...
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While they look for new jobs, Lucent workers read about Richard McGinn, the fired chief executive who was recently paid a $5.5 million severance package and given a pension of about $1 million a year. And they have read about the 5,000- acre golf course the company built in New Jersey for $40 million.
lazlo: yes, they deserve it
lazlo: these workers were just leeches
lazlo: they are lucky they had a job at all
lazlo: the big wigs deserve the golf course
lazlo: maybe they can start their own company
lazlo: and build themselves a golf course
spongebrain: corporate america exists for 1% of top pyrimid
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Glad your not an economist
As an educated network professional who's talent allowed you to post this baseless pandering was paid less than a semi skilled construction worker. Quite nearly having to plead for time off so that I could spend Christmas with my kids and not a hotel somewhere. Shut your pie hole
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Glad your not an economist
As an educated network professional who's talent allowed you to post this baseless pandering was paid less than a semi skilled construction worker. Quite nearly having to plead for time off so that I could spend Christmas with my kids and not a hotel somewhere. Shut your pie hole
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Blame the porter for the Titanic sinking
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