 | View Full Version : CNN dot com creid 08-26-2001, 10:35 PM I was watching CNN dot com today and there was a guy working for a big .com company. and he had over a million dollars in paper (stocks) Well to cut a long story short. The IRS gets 28% of that and well he waited it out and he still has the stocks today and they are worth only $30,000. So now he ows $250,000 now to the IRS. The dot com industry hit this guy hard. Any Comments? Chris eva2000 08-27-2001, 12:44 AM Originally posted by creid I was watching CNN dot com today and there was a guy working for a big .com company. and he had over a million dollars in paper (stocks) Well to cut a long story short. The IRS gets 28% of that and well he waited it out and he still has the stocks today and they are worth only $30,000. So now he ows $250,000 now to the IRS. The dot com industry hit this guy hard. Any Comments? Chris oooooooouch! :eek: funkee 08-27-2001, 01:29 AM Lots of people also got loans and expensive cars using their stock options as collateral.... Apparently the repo business is taking off now... TrevorMac 08-27-2001, 01:36 AM haha. thats ironic isnt it. If you want to invest in stocks nowadays, buy a whole lotta stock of a REPO Company. Why? Business is booming, because they have to repossess all the things people bought with their stock options in the past few years. :D JayC 08-27-2001, 02:58 AM The guy should have cashed out a bit of his stock early on, and spent the cash on a financial advisor. He still has the stock? All of it? He works for a big dot-com, and what, he doesn't read the papers? This guy or anybody else who had a big bunch of dot-com stock, especially if it was all from stock options in his company -- meaning just that it was all in one company -- and got to that point -- worth over a million dollars -- and didn't diversify, doesn't deserve to be rich. MCHost-Marc 08-27-2001, 03:08 AM Originally posted by creid he still has the stocks today and they are worth only $30,000 If they drop more, they might be worth more if used as toilet paper. :D funkee 08-27-2001, 03:48 AM Alot of stock options don't vest for a number of years and stocks come with clauses limiting the sale .... so in some cases a lack of diversification wasn't really their fualt. They just bought into the massive hype like everyone else.... Mike the newbie 08-27-2001, 06:54 AM Originally posted by creid ... he still has the stocks today and they are worth only $30,000. So now he ows $250,000 now to the IRS. The dot com industry hit this guy hard. He is one of the lucky ones. Some of the dot com people have gotten hit even harder. |