Guess what ! Your 401K is now worthless !

[Scuba]

Turns out all those 401K investments were in BP, who's stock is now in the toilet. Who could have seen that coming?

[RandomThoughts]

1. The advantages of having nothing to lose.

Many times having things can be used to try to get you to be a way you think is wrong. Not for everyone, many people find ways to live in there values with things also, so it is different for different people.

I have a particular peaceful place, because nobody stepped up to correct a problem from years ago, I know the money world is full of BS, and not credible.

So while trying to be nice, there is no way I would 'do' for a group like that, at least not with that intent. And if I did help them in action, for that to occur, someone would have to assume that something I say has an effect on their actions or places, and the fact that my situation has not been corrected shows that does not happen. So if something does happen, it is not me, it is some other thing agreeing with many peoples ideas. Hence why it is not about me. So to think they can take or cause anything on me is to claim falsly, something I try not to do. As it would be for me to claim I do something to or for them.

So Ha!

You can't make what I have worthless, because I don't have what they have any control over.

Ha!

:D

Can you hear me laughing :D

:rofl:




And on a side note, people were told they were making money in the money world for years, only to have it skimmed and disappear by both tax bailout and drop in value, so they never really had that money anyway, because the financial sector is full of BS.

[dipsydoodle]

2. I've tried mentioning this elsewhere

but its fallen on stoney ground. I found it odd that notwithstanding the current issue in the Gulf for which BP at the least share responsibility they should be wished so much harm - string 'em up blah blah. 39% of the their shares are US owned by financial institutions and common sense told me that with that a volume they'd be in pension funds. Their dividend track record is exemplary albiet now subject to a current freeze in its level. The 13% drop over the past few days in their share price actually only took them back to March 2009 level.

[Turbineguy]

6. Their dividend

is now 9%.

[dipsydoodle]

7. They announced last week or maybe the week befor

that the dividend would be frozed at it current level for the next 3 years or so. Today they mention a possible reduction in the dividend.

[Statistical]

17. Not likely...

http://www.businessweek.com/news/2010-06-02/hayward-to-defend-bp-dividend-as-yield-nears-10-analysts-say.html

The dividend is what is keeping BP stock out of the 20s. If it goes the stock goes to.
BP faces hostile takeover from another major oil company and is gone from history within a couple years.

[pampango]

9. Weird fact: BP investors are 40% British, 39% American, 21% other nationalities.

Since it still has "British" in its name, we still tend to think of it as a UK company.

[dipsydoodle]

12. It was privatised bewteen 1979 and 1987

The sale process was marked by an attempt by the Kuwait Investment Office, the investment arm of the Kuwait government, to acquire control of BP.<22> This was ultimately blocked by the strong opposition of the British government.

Plough though this when you have the time : http://en.wikipedia.org/wiki/BP

:hi:

[Richardo]

3. The mix of investments in my account is so diversified that any BP is a homeopathic amount

[dipsydoodle]

4. Uptodate info @ 11.05 BST

Shares in BP have fallen further at the beginning of trading, following the announcement of a criminal investigation into the Gulf of Mexico oil disaster in the US.

Shares fell 3% at the opening of trading in London, adding to the massive 13% fall seen on Tuesday.

Investors remain concerned over the impact the oil spill will have on BP's finances and reputation.

There are also fears that shareholders could see their dividend cut.

http://news.bbc.co.uk/1/hi/business/10212487.stm

BTW the issued value of their ordinary shares is actually 25 cents.

[Selatius]

5. If the corporatists were smart, they would not touch people's retirements.

An impoverished, desperate population is a population that is on the verge of rebellion.

[PassingFair]

16. Luckily you can live quite comfortably on SS and subsidized housing.

Not a bad time to be retired, all things considered....

[Lochloosa]

8. Hummmm...No it's not. Up 48% since Obama took office.

I'll take that kind of return any day.

[Scuba]

10. Glad to hear it. How is it invested?

I've had mine in bonds for 3 years no, so I haven't been burned, but I'm not making much and can use all the help I can get.

[Lochloosa]

19. Got out of Stocks during bush. I think around 11000. Bought back in as soon as Obama was elected.

I'm back out now. The next 6 months to a year don't look so good.

[Ganja Ninja]

11. I've lost a little since the blowout even though I don't have any BP stock.

I have part of it invested in a natural resources fund that has some petroleum companies in it but not BP. I expect it will recover faster than the gulf.

[leftofcool]

13. No BP stock in my 401K

[cbdo2007]

14. The BP stock will go back up once they stop the spill and begin clean up.

Anyone who knows anything about stocks can see that coming.

[Freddie Stubbs]

15. What fool would invest all of their money in one place?

[dmallind]

18. ...anybody who can read?

Since 401Ks under law have to tell you what investments you are making with your payroll deductions, and of course since every plan of which I know even the sketchiest details allows an array of investment options not one of which has ever been "all BP".

Of course I suspect BP has an investment option to buy company stock, but only fools would ignore diversification even given the choice.

[donco6]

20. None in mine. n/t

[NeedleCast]

21. Huh? Doesn't Make Sense

A significant portion of the point of holding a 401(k) is the diversity. I can't imagine any 401k fund is so heavily vested in BP that it's going to drag down an entire portfolio.