Raiding Your 401(k) Wall Street Journal (12/20/01) Vol. 29, No. 25 p.A16; Jacobius, Arleen
When our leaders in Washington learn of something that has gone wrong, the first move is to use the victims as an excuse to regulate the innocent, says the Wall Street Journal. Efforts currently underway to use the Enron debacle as a chance to impose new limits on 401(k) choices would undermine one of the great inventions of modern capitalism. Enron maintains that their employees' access to their 401(k)s was frozen for 10 days due to a dark period, which amounted to a transfer of fund management that had been set in motion months earlier; if this proves true, than there is no need to fix what is not broken, or place ourselves "in danger of policy making by anecdote," notes James Delaplane of the American Benefits Council.