We have a new scandal trying to drain your 401k long before you retire.
“It wouldn’t surprise me if there are shareholders who lost 5 to 10 percent a year,” said University of Mississippi law professor Mercer E. Bullard, who runs a shareholder advocacy group.
I actually watched C-Span for an hour and a half last night mostly in a state of enraged disgust as they went through some very dry explanations of how the mutual fund industry does not have any oversight and hasn’t since its inception. And not only are the wolves given free reign over the hen-house but you are encouraged to divert a percentage of your paycheck into this retirement account amounting to about $7,000,000,000,000.00 annually. What is 10% of 7 Trillion dollars? Answer: 7 BILLION dollars. What keeps these assholes from running down the street knocking working people to the ground and ass-raping them for sport?
When I am living in a box in the bad part of town I am warning you now…try to steal my stuff and I will stab you with my hobo knife!
PS: Want to read up on your funds? Check here.