The White House on Friday announced plans to help protect workers' retirement savings accounts, which have been severely hit during the financial crisis, by imposing new regulations on the financial advice given to employees.
The regulations, unveiled by vice-president Joe Biden as part of the annual report of his middle class taskforce, are aimed at preventing conflicts of interest when employees consult financial advisers on their 401(k) and individual retirement account (IRA) plans.
The new rules would require retirement investment advisers and money managers to either base their advice on computer models that have been certified as independent, or they would prohibit them from suggesting workers to invest in funds with which they are affiliated or from which they receive commissions.
Personally, I'd love to "prevent conflicts of interest" when it comes to investing my retirement savings in the stock market. One big conflict I would like to prevent, for example, concerns depositing my retirement savings into what is by the standards of recent history a very bad place to deposit it, unless you are a very altruistic person, content to make your finances available for someone else to "retire" with.
But like so many important life decisions, I am left with no viable alternative, and so must remain grateful for my economic freedoms.
3 comments:
I have so much economic freedom that I can choose where I have to put part of my salary: into a pension fund that is underfunded or into the stock market via funds that help make someone whom I've never met rich.
Ain't capitalism grand?
Come on...if you had the choice, waddyugonnado, put your money in a bank?
I read an article (can't find it now) saying instead of insuring the banks through FDIC why not insure the individual depositors. This would put a huge dent in the "too big to fail". This was presented as an epiphany as opposed to common fucking sense.
Here it is:
http://www.interfluidity.com/v2/517.html
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