Got home in time to catch "Nightline" on ABC. They had a piece on the rise and fall of energy giant Enron. Enron's stock once went for nearly $90 a share and is now trading at $0.26 a share. Many employees who had invested heavily in Enron stock through their 401(k) plans have seen their retirement savings wiped out. Not to mention the fact that more than 4,000 of them are out of jobs.
Lawsuits have started to pile up, and investigators are looking into the company's business practices. I'll make a prediction now on how this will turn out: Many of the company officers who received big bonuses right before the massive layoffs and the bankruptcy filings will be spending time in beautiful Lompoc, Calif., making office furniture for the Bureau of Prisons.
I hope that the legal system can get some of those ill-gotten gains to employees and investors. Enron's officers and board of directors are nothing more than common criminals.