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ANY SURPRISES LEFT SHOULD NOW COME FROM INVESTORS THEMSELVES (mutuals fraud)
NY POST ^ | 11/09/03 | TERRY KEENAN

Posted on 11/09/2003 3:27:04 AM PST by Liz

Edited on 05/26/2004 5:17:20 PM PDT by Jim Robinson. [history]

The mutual fund scandal has shone a bright light on an industry where more than half of all American households park their money, and so far the scrutiny has produced a lot of nasty surprises.

Who would have thought there were so many inventive ways to cheat your loyal customers?


(Excerpt) Read more at nypost.com ...


TOPICS: Business/Economy; Crime/Corruption; Extended News
KEYWORDS: mutualfunds
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To: palmer
we are all in the union now.

Very nice. How can a conservative not trow up upon discovering that he wrote, even accidentally, these words?

Say hi to Willie Green: he may get you on payroll.

41 posted on 11/09/2003 3:10:35 PM PST by TopQuark
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To: palmer
The solution is not more government-mandated disclosures,

Of course not: this has nothing to do with the government or finance. This has more to do with the departure of the western civilization from the Judeo-Cristian values.

People should get more ordinary income which the invest themselves in stocks or tradable funds which they instantly enter and leave on their own investment criteria.

This is a misconception: all activities that require expertise that one lacks are typically delegated to an agent. This includes hiring a barber, a teacher for one's children, and an investment advisor.

42 posted on 11/09/2003 3:14:20 PM PST by TopQuark
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To: Liz
That's a great one, Liz, the best I've ever heard!
43 posted on 11/09/2003 3:17:20 PM PST by TopQuark
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To: Wolfie
First things first, we have to get Martha Stewart behind bars.

And then what -- behead Marie Antoinette? Aaaah, sweet smell of blood getting out of the veins --- you appear to be really enjoying that, don't you?

44 posted on 11/09/2003 3:19:47 PM PST by TopQuark
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To: Liz
Keenan never really struck me as the bightest blond... I mean, bulb, but this piece she wrote is really dumb.

Americans pay mutual fund companies tens of billions a year in fees in order to have someone else to manage their money. Unfortunately, individual investors may have to take that power back in their own hands.

She is a business correspondent, and yet I wonder whether she has even heard of fiduciary duty. So what does she think "Americans pay mutual fund companies" for --- convenience? Most people are incapable of managing their own investments just like they cannot cut their own hair. "Americans" cannot "take that power back in their hands:" one cannot take back what one has never had.

45 posted on 11/09/2003 3:26:08 PM PST by TopQuark
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To: TopQuark
That's a great one, Liz, the best I've ever heard!

Thanks. I've laughed myself silly recounting the story. For
sure brokers on the receiving end weren't laughing. LOL.

46 posted on 11/09/2003 3:30:09 PM PST by Liz
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To: TopQuark
all activities that require expertise that one lacks are typically delegated to an agent. This includes hiring a barber, a teacher for one's children, and an investment advisor

I think you've missed my point. The government has decided that using an agent (i.e. the one selected by your employer) is good for everyone. By subsidizing this activity (employer tax credits) and restricting it (there is no way out unless you leave that employer), they make it impossible for responsible people to manage own their money.

47 posted on 11/09/2003 5:18:14 PM PST by palmer (They've reinserted my posting tube)
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To: palmer
The government has decided that using an agent (i.e. the one selected by your employer) is good for everyone. Yes it is in the sense that the tax breaks provide an incentive for the employer even to have a plan.

By subsidizing this activity (employer tax credits) and restricting it (there is no way out unless you leave that employer), they make it impossible for responsible people to manage own their money

I am afraid it is you who misses the point: judging by your posts, you CAN manage your money, but you are projecting that ability too far. Most of the people would NOT be managing their moneys and without the employer incentives they would not have a savings plan at all.

Moreover, as others pointed out earlier, you are exaggerating the problem: most plans allow roll over into an IRA, which you can always make self-managed. Even when restrictions are in place, they are all lifted once you leave the company, and this occurs once in four or so years, on average.

48 posted on 11/09/2003 6:36:14 PM PST by TopQuark
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To: Liz
Man, where are all of these white collar crooks coming from? Is there no end to this?!
49 posted on 11/09/2003 7:31:14 PM PST by huck von finn
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To: A. Pole
Is there no end to corporate thuggery? This is unreal. One scandal after another.
50 posted on 11/09/2003 7:32:18 PM PST by huck von finn
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To: Liz
Why not do a search and become more familiar with the evidence so far.

OK, I did.

Same old same old. Found plenty of "maybe's" and "will be's".

Where are the trials and CONVICTIONS?

51 posted on 11/10/2003 2:53:41 AM PST by iconoclast
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To: Grampa Dave
Probably none of the retirees in Florida voted for GW in 2000.

Perhaps you should re-check your facts. In 2000 it was because of the retirees that Florida went Republican. Sumter County voted republican for the first time since reconstruction. Don't judge all Fl retirees because of a few ex-New Yorkers who live in Palm Beach County.

52 posted on 11/10/2003 3:04:46 AM PST by scouse
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To: scouse
Worrying about losing the over 65 vote in Florida, Arizona and other areas is like worrying about losing the black inner city voter or the illegal alien vote in California.

One of these days we will see how much double dipping voting is done by these over 65 snow bird types. Just like the college age voters, who vote straight Rat in the town where their college/university is and absentee ballot in their home town. The numbers will amaze conservatives and the rats will lose another voting group that is illegal.

The retirees have completely changed the politics in Arizona. Arizona has gone from conservative to a state that elected a Jake Reno Clone for governor.

53 posted on 11/10/2003 8:20:18 AM PST by Grampa Dave ("If you can read this, thank a teacher!....Since it is in English, thank a Veteran!")
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