Posted on 11/09/2003 3:27:04 AM PST by Liz
Edited on 05/26/2004 5:17:20 PM PDT by Jim Robinson. [history]
The mutual fund scandal has shone a bright light on an industry where more than half of all American households park their money, and so far the scrutiny has produced a lot of nasty surprises.
Who would have thought there were so many inventive ways to cheat your loyal customers?
(Excerpt) Read more at nypost.com ...
Very nice. How can a conservative not trow up upon discovering that he wrote, even accidentally, these words?
Say hi to Willie Green: he may get you on payroll.
Of course not: this has nothing to do with the government or finance. This has more to do with the departure of the western civilization from the Judeo-Cristian values.
People should get more ordinary income which the invest themselves in stocks or tradable funds which they instantly enter and leave on their own investment criteria.
This is a misconception: all activities that require expertise that one lacks are typically delegated to an agent. This includes hiring a barber, a teacher for one's children, and an investment advisor.
And then what -- behead Marie Antoinette? Aaaah, sweet smell of blood getting out of the veins --- you appear to be really enjoying that, don't you?
Americans pay mutual fund companies tens of billions a year in fees in order to have someone else to manage their money. Unfortunately, individual investors may have to take that power back in their own hands.
She is a business correspondent, and yet I wonder whether she has even heard of fiduciary duty. So what does she think "Americans pay mutual fund companies" for --- convenience? Most people are incapable of managing their own investments just like they cannot cut their own hair. "Americans" cannot "take that power back in their hands:" one cannot take back what one has never had.
Thanks. I've laughed myself silly recounting the story. For
sure brokers on the receiving end weren't laughing. LOL.
I think you've missed my point. The government has decided that using an agent (i.e. the one selected by your employer) is good for everyone. By subsidizing this activity (employer tax credits) and restricting it (there is no way out unless you leave that employer), they make it impossible for responsible people to manage own their money.
By subsidizing this activity (employer tax credits) and restricting it (there is no way out unless you leave that employer), they make it impossible for responsible people to manage own their money
I am afraid it is you who misses the point: judging by your posts, you CAN manage your money, but you are projecting that ability too far. Most of the people would NOT be managing their moneys and without the employer incentives they would not have a savings plan at all.
Moreover, as others pointed out earlier, you are exaggerating the problem: most plans allow roll over into an IRA, which you can always make self-managed. Even when restrictions are in place, they are all lifted once you leave the company, and this occurs once in four or so years, on average.
OK, I did.
Same old same old. Found plenty of "maybe's" and "will be's".
Where are the trials and CONVICTIONS?
Perhaps you should re-check your facts. In 2000 it was because of the retirees that Florida went Republican. Sumter County voted republican for the first time since reconstruction. Don't judge all Fl retirees because of a few ex-New Yorkers who live in Palm Beach County.
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