Word: lacey
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...Steve Lacey, 45, an emergency-repair dispatcher for a utility company in Salem, Ore., has a personal life that reads like a holiday greeting card. He recently married his longtime love, and after packing boxes over Thanksgiving weekend, they are set to move into their dream house in the country, just in time for Christmas. Lacey's retirement plans, however, are in ruins. He works for the embattled energy-trading firm Enron, and has all his 401(k) savings in Enron stock, which plunged from $90 a share in late 2000 to $4.71 at the end of last week...
Much of that decline has come since October when Enron reported it had lost $638 million in the third quarter and later admitted it had overstated earnings from 1997 to 2000. As their life savings shriveled, all Lacey and his co-workers could do was watch. From Oct. 17 to mid-November, Enron blocked its employees from shifting investments in their 401(k) accounts, while it switched to a new plan administrator...
...Lacey has joined a federal lawsuit that accuses Enron of breaching its fiduciary duty to employees by encouraging them to invest in Enron stock even after executives became aware of serious financial problems that would hurt the stock price. "There was a lot of promotion inside the company to invest in Enron and help us grow, so everybody got into it," Lacey told TIME's Cathy Booth Thomas. Enron says it doesn't comment on pending lawsuits...
...Lacey and his colleagues could not have anticipated that they would be stuck with a plummeting stock. But their woes should be seen as a warning not to hold too much of your employer's stock in your 401(k) and to regularly monitor the diversification of your investments...
...spokesperson John Lacey yesterday emphasized that Sharpe was no longer a faculty member at the time of his wife’s death. The school had dropped Sharpe as an instructor after deciding he had not spent enough time on HMS-related duties...