<html><head></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space; "><a href="http://readersupportednews.org/opinion2/277-75/28345-while-deflategate-and-chaitgate-rage-america-quietly-robs-its-elderly">http://readersupportednews.org/opinion2/277-75/28345-while-deflategate-and-chaitgate-rage-america-quietly-robs-its-elderly</a><div><br></div><div>America Quietly Robs Its Elderly</div><div><p class="indent" style="margin-top: 10px; margin-right: 0px; margin-bottom: 20px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; text-align: left; line-height: 17px; font-size: 15px; text-indent: 30pt; font-family: 'Times New Roman', Times, serif; ">...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.</p><p class="indent" style="margin-top: 10px; margin-right: 0px; margin-bottom: 20px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; text-align: left; line-height: 17px; font-size: 15px; text-indent: 30pt; font-family: 'Times New Roman', Times, serif; "><em style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">Bloomberg's </em>Dave Michaels and Margaret Collins <a href="http://www.bloomberg.com/news/articles/2015-01-22/white-house-aide-calls-for-stricter-broker-rules-on-401-k-plans" target="_blank" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; color: rgb(0, 0, 0); ">did an excellent report</a> 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.</p><p class="indent" style="margin-top: 10px; margin-right: 0px; margin-bottom: 20px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; text-align: left; line-height: 17px; font-size: 15px; text-indent: 30pt; font-family: 'Times New Roman', Times, serif; ">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....</p><div style="font-family: 'Times New Roman', Times, serif; font-size: 15px; "><br></div></div></body></html>