Riches to Rags
For more than half a century, employees at Journal Communications Inc. enjoyed a perk that could make them fabulously rich upon retirement – their shares of “Journal stock,” as it was popularly called. Until 2003, the company that owns the Milwaukee Journal Sentinel and the WTMJ broadcasting empire was privately held, largely by a trust in which company employees could purchase shares. It was a veritable gold mine: The value of those shares had never once declined since the ownership plan was created in the 1930s. With the company’s encouragement, employees took out huge loans in order to buy shares,…
