Business Opinion

Ruined by 401[k] Predators

BusinessWeek Online - Thu Jul 3, 8:08 AM ET

Stan Morrill was confident his nestegg would provide for him and his wife for the rest of their lives. After all, the Eastman Kodak veteran, a factory worker for 31 years, had attended the free financial seminar recommended to him by co-workers. Morrill says the host, Michael J. Kazacos, one of Morgan Stanley's top brokers, dazzled him with a plan that would let him retire at 49. Morrill just had to roll over his pension and 401(k) into a tax-deferred account managed by Kazacos. ...

  • To Bill or Not to Bill BusinessWeek Online - Thu Jul 3, 8:08 AM ET

    I work for a management consulting firm where client satisfaction is by far the biggest priority. I've been here for four years and have had four excellent performance reviews. Right now I'm working on a client project that takes up a tremendous amount of time. My project manager gives me special subassignments at the rate of two or three a week, on top of my usual tasks. I have been completing these assignments at night, because I'm away from home anyway during the week and because my client contacts need me focused on their priorities all day long.

  • Will You Outlive Your Money? BusinessWeek Online - Thu Jul 3, 8:08 AM ET

    Retirees with plump nest eggs are attractive targets for unscrupulous financial advisers who advise them to make unwise withdrawals. "The 'why work' pitch is epidemic," says Peter Moujay, a Pensacola (Fla.) attorney. Moujay has represented some 100 retirees of Marathon Refinery in rural Robinson, Ill., and a similar number of AT&T telephone workers out of Michigan, who were targets of such a scheme. Here's a chart outlining how long your money will last given certain withdrawal rates. ...

  • A trader works on the floor of the New York Stock Exchange, June 26, 2008. (Brendan McDermid/Reuters)
    Oil, CPI may give stocks a rough ride Reuters - Sun Jun 8, 11:18 AM ET

    NEW YORK (Reuters) - Wall Street may be in for a rocky ride this week as investors recall Friday's triple threat -- oil at a record above $139 a barrel, a troubling unemployment report and the stock market's 3 percent drop -- while they await inflation data for May.