ThemiserablefateofEnron’semployeeswillbealandmarkinbusinesshistory,oneofthoseawfuleventsthateveryoneagreesmustneverbeallowedtohappenagain.Thisurgeisunderstandableandnoble:thousandshavelostvirtuallyalltheirretirementsavingswiththedemiseofEnronstock.Butmakingsureitneverhappensagainmaynotbepossible,becausethesuddenimpoverishmentofthoseEnronworkersrepresentssomethingevenlargerthanitseems.It’sthelatestturnintheunwindingofoneofthemostaudaciouspromisesofthe20thcentury. Thepromisewasassuredeconomicsecurity—evencomfort—foressentiallyeveryoneinthedevelopedworld.Withtheexplosionofwealth,thatbeganinthe19thcenturyitbecamepossibletothinkaboutapossibilitynoonehaddaredtodreambefore.Thefearatthecenterofdailylivingsincecavemandays—lackoffood,warmth,shelter—wouldatlastloseitspowertoterrify.Thatremarkablepromisebecamerealityinmanyways.Governmentscreatedwelfaresystemsforanyoneinneedandseparateprogramsfortheelderly(SocialSecurityintheU.S.).Labourunionspromisednotonlybetterpayforworkersbutalsopensionsforretirees.Giantcorporationscameintobeingandofferedthepossibility—insomecasesthepromise—oflifetimeemploymentplusguaranteedpensions?Thecumulativeeffectwasafundamentalchangeinhowmillionsofpeopleapproachedlifeitself,areversalofattitudethatmostrankasoneofthelargestinhumanhistory.Formillenniatheaverageperson’sstancetowardprovidingforhimselfhadbeen.UltimatelyI’monmyown.Nowitbecame,ultimatelyI’llbetakencareof. Theearlyhintsthatthispromisemightbebrokenonalargescalecameinthe1980s.U.S.businesshadbecomeuncompetitivegloballyandbeganrestructuringmassively,withhugeLayoffs.Thetrendacceleratedinthe1990sasthebastionsofcorporatewelfarefacedreality.IBMendeditsno-layoffpolicy.AT&Tfiredthousands,manyofwhomfoundsuchathingsimplyincomprehensible,andafewofwhomkilledthemselves.Theothersupposedguarantorsofoureconomicsecuritywerealsoindecline.Labour-unionmembershipandpowerfelltotheirlowestlevelsindecades.PresidentClintonsignedahistoricbillscalingbackwelfare.AmericansrealizedthatSocialSecuritywon’tprovidesocialsecurityforanyofus. Alessvisiblebutequallysignificanttrendaffectedpensions.Tomakecostseasiertocontrol,companiesmovedawayfromdefinedbenefitpensionplans,whichobligatethemtopayoutspecifiedamountsyearsinthefuture,todefinedcontributionplans,whichspecifyonlyhowmuchgoesintotheplaytoday.Themostcommontypeofdefined-contributionplanisthe401(k).thesignificanceofthe401(k)isthatitputsmostoftheresponsibilityforaperson’seconomicfatebackontheemployee.Withinlimitstheemployeemustdecidehowmuchgoesintotheplaneachyearandhowitgetsinvested—thetwofactorsthatwilldeterminehowmuchit’sworthwhentheemployeeretires. WhichbringsusbacktoEnron?Thosebillionsofdollarsinvaporizedretirementsavingswentinemployees’401(k)accounts.Thatis,theemployeeschosehowmuchmoneytoputintothoseaccountsandthenchosehowtoinvestit.Enronmatchedacertainproportionofeachemployee’s401(k)contributionwithcompanystock,soeveryonewasgoingtoendupwithsomeEnroninhisorherportfolio;butthatcouldberegardedasafreebie,sincenothingcompelsacompanytomatchemployeecontributionsatall.AtleasttwospecialfeaturescomplicatetheEnroncase.First,someshareholderschargetopmanagementwithillegallycoveringupthecompany’sproblems,promptinginvestorstohangonwhentheyshouldhavesold.Second,Enron’s401(k)accountswerelockedwhilethecompanychangedplanadministratorsinOctober,whenthestockwasfalling,soemployeescouldnothaveclosedtheiraccountsiftheywantedto. ButbyfarthelargestcauseofthishumantragedyisthatthousandsofemployeeswereheavilyoverweighedinEnronstock.Manyhadplaced100%oftheir401(k)assetsinthestockratherthaninthe18otherinvestmentoptionstheywereoffered.Ofcoursethatwasn’tprudent,butit’swhatsomeofthemdid. TheEnronemployees’retirementdisasterispartofthelargertrendawayfromguaranteedeconomicsecurity.That’swhypreventingsuchathingfromeverhappeningagainmaybeimpossible.ThehugeattitudinalshifttoI’ll-be-taken-care-oftookatleastageneration.Theshiftbackmaytakejustaslong.Itwon’tbecompleteuntilanewgenerationofemployeesseeassuredeconomiccomfortasa20th-centuryquirk,andunderstandnotjustintellectuallybutintheirbonesthat,likemostpeopleinmosttimesandplaces,they’reontheirown. WhichisNOTseenasalessondrawnfromtheEnrondisaster?
A.The 401(k) assets should be placed in more than one investment option.
B.Employees have to take up responsibilities for themselves.
C.Such events could happen again as it is not easy to change people’s mind.
D.Economic security won’t be taken for granted by future young workers.
正确答案是D