ronpin
Imagine Reality
join:2002-12-06
Nirvana
 ·AT&T Southwest
1 edit | reply to Rhobite
Re: Burned Thru $25 Million
Trust me -- if you were a large 401K fund manager and your cousin Vinny laid out a plan to fund a game-box startup -- and there are commisions and jobs for your friends and family involved -- you'd do it too. Meanwhile Vinny gets 51% of the startup and you get an ample supply of stock options. Everyone with connections here makes out like bandits -- oh and the 401K fund gets a nice 10% return too -- so everyone is happy. It's just that some people are really happy. Oh, if the startup goes belly-up before an IPO or a sell-out -- who cares??? a lot of people made a lot of money in salaries, bonuses and fees -- and they only need an occassional real success to pay for several blunders.
That's OK its all legal -- and what you don't know won't hurt you will it? People smart enough to pull this off probably deserve the money eh? (people like us -- dumb enough to let 'em do it "deserve-it" too) |
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Rhobite
Premium
join:2002-02-24
Cambridge, MA
clubs:
1 edit | Yes, if you can't be bothered to read a prospectus I can't be bothered to have much sympathy for you. As an investor you have a right to know where your money is. There's no excuse for not finding this out when it comes to your retirement money. Investing in VC is against the strategy of most retirement funds, and they will be called on it. Can you name an example of when this has happened?
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Jimmysquid.com - I take pictures. |
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ronpin
Imagine Reality
join:2002-12-06
Nirvana
·AT&T Southwest
| Heh-heh -- try asking your 401K fund manager what high-risk funds they invested in last year. Try to get the names of the startups that ultimately benefitted. Be sure to ask how much everyone involved made. Heh-heh -- good-luck -- I hope your well connected and you don't have some bad luck afterwards.
You really need to understand that these guys honestly believe that they deserve to make millions on our 401K savings -- after-all they're really all about helping us poor working slobs. |
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Beeper
Part Of The Problem
join:2001-09-27
Dayton, OH
clubs:
| said by ronpin  :
You really need to understand that these guys honestly believe that they deserve to make millions on our 401K savings
For once I agree with you.
That's why I use Vanguard ( with fee's around .17% yearly) and S&P depository reciepts ( about .14% ). These are my retirement dollars. I am not interested in paying for anyone else's.
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Guaranteed Fear and Loathing. Abandon all hope. Prepare for the Weirdness. Get familiar with Cannibalism. |
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Rhobite
Premium
join:2002-02-24
Cambridge, MA
clubs:
| reply to ronpin
said by ronpin :
Heh-heh -- try asking your 401K fund manager what high-risk funds they invested in last year. Try to get the names of the startups that ultimately benefitted. Be sure to ask how much everyone involved made. Heh-heh -- good-luck -- I hope your well connected and you don't have some bad luck afterwards.
You don't know what you're talking about. Mutual funds release a semi-annual list of every stock and fund they invest in. It's public information, and it would be illegal for a fund manager to secretly misappropriate funds. On top of that, most 401k programs give you a choice of STOCK funds, meaning VC has nothing to do with this.
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Jimmysquid.com - I take pictures. |
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ronpin
Imagine Reality
join:2002-12-06
Nirvana | Sure -- whatever you say |
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jsouth
Jsouth
join:2000-12-12
Wichita, KS | reply to ronpin
Why ask him? I can look mine up on the internet on the companies website and I can also do math so I would know about any changes. |
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Whatever12
@168.143.x.x | reply to ronpin
You have no idea what you're talking about. |
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mibagent_x
Go giggle the handle
Premium
join:2001-03-04
Barnhart, MO
clubs: | reply to ronpin
And we are to believe you why? I haven't seen any reason to believe a word you have typed.
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Join Team helix and help find a cure. |
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