401(k)s Hit by Withdrawal Freezes!

reply to post by doorbell412


You have a valid point that people can be consumed by materialism, which I think the goverment actually banked on, using it to thier advantage; hoping all would keep earning, spending and buying, and a little investing.

reply to post by Perseus Apex


Martha was a target. There are so many more larger more egregious insider deals left untouched. That is the real culprit here in the story of the Original Post, and Story!

The SEC is not on the side of the people that it is paid by.
The SEC is a government agency, and should be accountable to the people. What we have here is simply put: Fraud on the part of the Goverment...a planned demolition of the wealth of citizens of the U.S.

My problem is I'm required a 401k plan by my work. They invest it and I can not take it out until I quit or retire, so much for the quit option now lol.

That is just bad mojo if this hit main stream media like the swine flu has we would be out of an economy all together.

this is really messed up. i know why whenever someone asked, "Why dont you put your money in 401k?" i always asked back, "WHY WOULD I GIVE MY MONEY AWAY?"

i dont believe in any investment strategy personally, because i dont trust investors ever.

i trade, and if i lose, its cus i wasnt following my rules.

if i invested, and i lose. do i go cry for being a fool and not paying attention to my own money? cry to the investor that lost it? or just cry cus noone loves a broke dummy?

seemed like a scam to me 10 years ago as a kid, pretty much looks like a scam now so i knew i was right.

sorry for everyone else that followed advice that you can trust others to make you more money than you gave them.

im really not trying to be a jerk, for those that lost, im sorry. start a riot i guess and hope you can get it back.

You could do what my dad always said when i broke something that he had to replace and knew that he couldnt get the money for it back... "IM GONNA TAKE THAT MONEY OUT OF YOUR A&&!!

*commence getting whooped*

Originally posted by doorbell412
I feel sorry for the countless people who bought useless and utter crap throughout the years.


[edit on 6-5-2009 by doorbell412]

And they bought it on credit!! Buy a house twice as big as what you need. Buy a new car every couple years. That's what the media tells people and the fools swallow it every time.

reply to post by pcgeek


Its doing it again. Get ready. BAC and C need more capital. The market just brushes it off and they rise. GM blows away common investor and the market keeps running up. This is pure manipulation.
My prediction is when DJIA hits 9000 and SP is 1000 either get out or move to Stable value fund. The window will be from mid-May to early July. This summer will be a killing field with SP well below 650. A modest investment in FAZ or TZA when the market tops will return major rewards IMHO

Originally posted by burntheships


Martha was a target. There are so many more larger more egregious insider deals left untouched. That is the real culprit here in the story of the Original Post, and Story!

This present market rally is criminal insider trading on the scale of trillions of $. The PPT decided to goose the market and told their pals at Citi and Bank of America and Goldman when to get in and when to get out. But they'll get away with this crime like they always do. The Anarchy of the Elite is always with us.

don't trust stocks or 401K's or CD's.... Just kept my cash in a simple savings and if that, in an undisclosed are thats safe, put your money in gold and silver.... dollars going down hill quick

Some robbers kill you and then take your money.

Some robbers take your money and then kill you.

Some robbers take your money and let you live.

Hey fifty/fifty odds to me sound a lot better, than 1 out of 3.

Here again will say that I am not trying to scare anyone....some more infomation for everyone to digest!

A headline from the past...should haunt you if you are asleep!

ENRON SAYS 401K FREEZE WAS PLANNED

Bankrupt energy giant Enron said yesterday its freeze of employee retirement funds, heavily weighted with Enron stock, the day after it announced a huge loss, was part of a planned change in fund administration.

During the freeze, from Oct. 18 after disclosing the $618 million three-month loss until the funds were released on Nov. 13, the shares shed more than half their value.

The company is facing more than 60 employee lawsuits over the near-demise of their 401(k) retirement accounts.

"This is just a bunch of baloney," said Seattle attorney Steve Berman, who's representing employees who allege Enron never told them their accounts were being frozen, therefore keeping them from transferring funds

The day before accounts were frozen, Enron stock closed at $33.84. When the accounts were unfrozen, the stock was worth $9.98. Enron closed yesterday down 3 cents at 63 cents.

www.nydailynews.com...

Still debating on what to do?

Take a look at this... and read the blog!

xAs the 401k crisis unfolds and retirees die hungry in the cold and dark, their broker will be digesting another lobster dinner over a bottle of expensive wine, while watching their 84" TV, on their yacht... So long as we trust gamblers to manage our retirement, well, they'll be gambling our retirements away.

weaseldog.blogspot.com...

you can "creatively" avoid that 10% penalty. I personally don't agree with the penalty, so found a way out of it

Remember how Ben Bernanke and Hank Paulson shut down all electronic banking for an hour to avoid a total global economic crash? They had a electronic run on the banks. Then upped the FDIC insurance up to 250,000.

We cant forget how bad 2008 was and how it’s still affecting us today. The stock numbers often correlate with a 401K. In 2008 the DOW fell 33.8% S&P 500 fell 38,6% and Nasdaq fell 40.5%. I noticed the drop in 401K plans were similar.

A person would go nuts if they monitored it daily. Some never bother to monitor their plan, nor do they know how to transfer it. Those who only lost 30% are the lucky ones.

The problem is nothing has a set value yet, including the dollar. It seems illegal to lock out the employee from tapping their 401K plans. Many have already pulled their cash out.

Nothing is safe anymore. Homeowners cant tap their mortgages, for layoff cash and having them locked out of their plans is more alarming.

Paul Volcker calls the Great Recession “restructuring”. No one has a clue of what this structure will look like when we come out on the other side of this recession.

We can bet this global crisis will be like nothing we have seen before.

reply to post by burntheships


Hi, Have you seen this one today?

Wells Fargo freezes pension plan

www.charlotteobserver.com...

Originally posted by wonderworld
reply to post by burntheships

 

Hi, Have you seen this one today?

Wells Fargo freezes pension plan

www.charlotteobserver.com...

No I had not seen that, thanks for posting that link! It is all adding up...or another way to look at it...the first domino has fallen!

I will comment on Wells Fargo...it is not going to be kind!

reply to post by burntheships


Here is another. This is important.

401(k) funds putting locks on cash

articles.moneycentral.msn.com...


[edit on 8-5-2009 by wonderworld]

reply to post by wonderworld


Yes that is a really excellent article, and thanks for posting that here!

The article outlines more of the dangers!

articles.moneycentral.msn.com...

articles.moneycentral.msn.com...

reply to post by burntheships


Yes I agree and the article states "Investors in the Principal U.S. Property Separate Account said they understood the risk of losses but didn't think their money could be locked up for months or years."

YEARS? No one suspected a lockout for a day. I feel bad for all those that are locked out. I'm sure they are rather ticked off, to say the least.

I'll bet some dont even know about this.

reply to post by wonderworld


True, I am sure many many people do not know about this even as of yet! They may not find out unless they went to request a rollover, or withdrawl of funds. If a person is not monitering thier employer's contributions they can end up with a bankrupt employer that most likely did not deposit all they held out of the employee's check. I pesonally know of a company in my town that was doing that!

Then, as the article outlines, the fund can be frozen by the fund mangers, and the companies do not even know about it!

401(k)s, money itself, even the most basic rudiments of law and social order...they all have one fundamental fact in common: in order to function they require the complicity of the PEOPLE. People believe greenbacks have value, so they do. People believe stocks have (at least some) value, so they do. People used to believe that razor-clam shells had value as currency, but people no longer believe this, so they they no longer have value.

This is what the criminal overclass in charge of the government and economy keeps forgetting (or doesn't care about /doesn't plan far enough ahead for). They can only abuse the sullen masses so much before perceptions of value shift and pull the carpet out from under even the wealthiest. When this happens, their stacks of greenbacks will be as worthless as a pile of razor-clam shells. They are playing a very dangerous game now...they are dismantling the fundamental riggers and pilings that keep the whole system propped up, by tampering with the perceptions of the masses.

A parasite can only take so much before it kills its hosts. Good parasites know when to back down. Ineffective parasites kill their hosts...and thus themselves.

reply to post by silent thunder


Well said! Great Post! Starred!

You bring up a really pertinent issue...the banking cartel and thier criminal activity! Perhaps this is why so many of us have invested in those Fort Knox Safes! As you said, they can only suck off of us for so long, then if they are not careful the blood will run dry~