[Occupymendocino] Matt Talbi- America Quietly Robs Its Elderly

[Richard Karch]

http://readersupportednews.org/opinion2/277-75/28345-while-deflategate-and-chaitgate-rage-america-quietly-robs-its-elderly

America Quietly Robs Its Elderly
...A graphic demonstration of that scene, and the financial-services industry ethos it describes, just hit the news in the form of a wild new report on the wide-scale scamming of ordinary investors. The "Ferris wheel" of conflicted payments, unnecessary fees and other shady practices apparently beats retirees for up to $17 billion a year, according to an internal White House memorandum.

Bloomberg's Dave Michaels and Margaret Collins did an excellent report on the topic. They wrote that back on January 13th, Jason Furman, the Chairman of President Obama's Council of Economic Advisors, issued a scathing memo about shady broker practices and how they impact ordinary savers, especially working people who use brokers to manage their retirement funds.

Specifically, the White House investigation concluded that this particular corner of the financial services is teeming with loophole-permitted conflicts of interest. Brokers can legally and in most cases undetectably grind their clients for fees and/or put them into plans that offer fat commissions for the brokers themselves, while offering lower returns for the client....


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