1. Thursday, August 15, 2013 - 1:24 PM
As I said in a previous post what we have now is crony capitalism,
909 posts since
Jan 16, 2010
Rep Points: 2,643
2. Saturday, August 17, 2013 - 8:57 AM
I read this morning that Chase Bank has agreed to settle for 23 Million dollars for that big class action suit against it for this type of action with customers concerning Lehman Bros. They have to make examples of people and institutions who take advantage of others for their own profit. "Acting in best interests" to these type institutions or professionals means acting in their own best interests. I hope Chase is just the tip of the iceberg and they will bring many others down who are not acting in the best interests of their customers or clients. I know 23 Million is a pitance to a bank like Chase and it got off easy but it is a sign they are checking into this type of action.
1,367 posts since
Aug 10, 2011
Rep Points: 5,993
3. Saturday, August 17, 2013 - 12:41 PM
"Over the past 30 years, a confluence of forces has changed the American retirement system from one largely reliant on defined-benefit pension plans to a system based on individual retirement accounts that workers are responsible for managing themselves. The results have been disastrous. Workers have a difficult time saving enough money needed for a secure retirement, and when they do, they are taken advantage of by a financial-services industry that steers them into expensive products that do more to pad the industry’s bottom line than to build up retirement savings. The result is a vastly underfunded retirement system, and a generation of soon-to-be-retirees who have no idea how they’ll support themselves once they’re no longer able to work."
There are obvious low-risk retirement fund investing approaches: For example, (0) take full control of one's retirement fund, (1) buy no-load mutual funds through reliable FIs such as Fidelity, Vanguard, (2) buy well-tested (by you) mutual funds with good track record and experienced managers, (3) if not willing to learn, just do indexing across all fund categories (large, mid, small, international, real estate).
With this approach, one is dependent only on oneself, not the so-called investment advice.
Oh, no, do not get Washington involved, that is another bigger disaster!
1,476 posts since
Jan 16, 2010
Rep Points: 6,426