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News & Current Events Discuss Trump Announces Plan to Let Wall Street Scam America Again at the General Forum; Trump Announces Plan to Let Wall Street Scam America Again Cohn is planning to weaken the fiduciary rule, which he ...

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Old 02-03-2017, 12:23 PM
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Default Trump Announces Plan to Let Wall Street Scam America Again

Trump Announces Plan to Let Wall Street Scam America Again

Quote:
Cohn is planning to weaken the fiduciary rule, which he believes robs Americans of their freedom to hire financial advisers who might want to rip them off. “This is like putting only healthy food on the menu,” he tells the Journal, “because unhealthy food tastes good but you still shouldn’t eat it because you might die younger.”
I recommend reading this article just for the absurdity of a Wall Street crook comparing ripping off pensioners with allowing Americans to eat unhealthy food. These people are morally abhorrent.


Donald Trump and Wall Street are cooperating so they can again steal money from the poor while helping the extremely oh so over regulated poor capitalists. It's a morbidly fascinating and straight up evil reverse Robin Hood.

Taken from a Taibbi piece before the rule Trump is now repealing came into place;

Quote:
For instance, it might surprise a lot of Americans to know that most brokers handling retirement funds aren't required by law to act in the best interests of their clients.

Instead, the standard is a humorously amorphous thing called "suitability," which basically means the broker must only have a "reasonable basis for believing that recommendation is suitable for you."

Under that absurd standard, McConaughy-style brokers can justify just about any kind of "investment strategy," including one that explicitly makes themselves more money through fees and commissions while making less for you, the client.

Here's the full Taibbi piece: While Deflategate and Chaitgate Rage, America Quietly Robs Its Elderly - Rolling Stone
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