Thursday, July 06, 2006
I'm not entirely convinced by this argument, but here's the best one I've heard:Post a Comment
Imagine you're 50. Been working hard, saving up. Your company requires that you put your nest egg (or a significant chunk of it) in their stock to be eligible for matching. You've saved enough to live comfortably into old age.
Then, due to the actions of x and y (in this case, it seems much more due to the actions of Fastow than Lay or Skilling, but I digress) your nest egg is gone, your job is gone, you have to go on public assistance if you're old enough, otherwise it's starting over, your retirement will be Social Security based; anything above the poverty line during retirement wwould be lucky. The government will have to shell out money for you that could have a dozen other uses.
Now multiply that by 400,000 and compare to your every day rapist/drug dealer/murderer. Talk about social harm.