Let's see...we have had Enron, Global Crossing, WorldCom, Xerox, Mitt Romney, Martha Stewart, and who knows what else going on out there...and I am losing so much faith in investing ever again.
I started doing some small time investing earlier this year but had to liquidate my accounts once I became unemployed and needed some quick cash in order to survive. However, I am VERY concerned with ever investing ever again. How can I trust a company (even if I read their annual reports and understand everything in it) enough to actually want to put money into their stock now. I owned some Global Crossing stock which I bought dirt cheap (at the time) and then had to sell it at a loss because there was no way that I was going to be able to recoup any of my investment. Of course that was all before the account money swapping and the failure to report certain figures came out.
It pisses me off as much as it pisses off the people who now hold the worthless stock in their hands and in their retirement accounts. You are led to believe that the company you are working for and, possibly, investing in is going to be a responsible forthright company. But now you have to wonder if the company you are working on has built a house of cards like Enron by shifting money around left and right and hiding their BILLIONS of dollars of debt or expenses. Of course there are those that made HUGE bucks off of these side partnership agreements and they are the ones who are walking away with the money while those who retired with a large portion of their 401(k) plan tied to the company stock are now forced to return to work to make ends meet because the stock is worth as much as Ken Lay's excrement. It becomes one of the worst forms of volation because there is nothing you can do about it except fret over what you should have, could have, and would have done...
I hope that President Bush isn't just lip service when he says that he will hunt out executives who pretty much rape the company of money and force people out of work and companies to go out of business. The economy still sucks and I haven't seen him do a damn thing as of late to help it out. Hello, President Bush. Meet me. I'm middle America. I'm the one who is getting fucked up the ass because the job market is terrible and I can't get a real job with benefits. You have less than 2 years to prove the nation that you aren't the mistake and buffoon we all thought you were when you were elected. Otherwise...you are going to go the way of your father.