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Tuesday, May 18

Goldman Sachs: Putting the Douche in Fiduciary

Bloomberg - Goldman Sachs Seeks Bigger Share of 401(k) Accounts

“We understand risk and we understand asset allocation,” said McDermott, who joined the firm in February to strengthen its retirement-plan products and marketing. “We’re looking to leverage that for the 401(k) market.”

The asset management division that McDermott works in is separate from the mortgage unit that sold the securities at the center of the SEC’s fraud suit against Goldman. A key difference between the two businesses is that the asset management division operates under a fiduciary duty to its clients, whereas the sales and trading division doesn’t.

I read the two articles below by Ron Holland back in January and March. Since I couldn't find any sites other than Pravda, Lew Rockwell, and many right sided blogs that were discussing this, I blew it off as the usual attacks on Obama. I paid no attention to the articles, figuring that Mr. Holland may have been grasping at anything to make us more frightened of Obama.
Hubby and I had just moved our retirement plans back into the stock market after years of sitting in the "safe and secure" money market accounts and I was still worried that we would lose everything. Since I couldn't find any other sites that were discussing this, I had to put it out of my head so I didn't drive myself crazy.

After reading the above headline at Bloomberg, now I'm getting nervous again.

I think I may take these two articles a bit more seriously now.

What do you think?

Prepare Now to Escape Obama's Retirement Trap

The 10 Step Final Countdown to Retirement Plan Nationalization

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