One would have to have been living in complete media blackout to not have heard some of the bad things that have been done by banks in the last 5 or so years in the name of profits. Be it foreclosure fraud or defrauding investors -- it has been blatant. But it really is worse than one might think. Virtually everyone knows someone or the someone who knows someone that was actually harmed.The effects of the criminality has been widespread.
It was just eight short years ago that then President Bush told the American people that he had earned political capital and he meant to spend it privatizing Social Security. What a mess if that had occurred. Instead there has been a continuing effort to divert other retirement funds to Wall Street and results have been mixed at best. One should not forget though that Wall Street is about making investment fees and trading profits, and apparently, just about any tactic goes these days.
While some reforms have helped, Republicans in Congress have done everything they could to either stop or neutralize reform measures. So it's still the Wild West out there.
Your 401(k) Is Out to Get You
THE ATLANTIC - Or, to be more precise, the mutual fund company that oversees your 401(k) plan is out to get you.
There was a period, back in the late 1990s, when 401(k) plans were hailed as the key to every household's financial dreams.
After two stock market collapses, defined contribution plans are no longer seen as a solution to all of life's financial problems, and for many well-known reasons.
To these very real problems, 401(k) plans are generally run by the asset management industry, which (surprise!) does not always have your interests at heart.
