Our financial institutions have become parasites, run by elites that are unrestrained by the rule of law and any morality or sense of common decency. Greed reigns over the last years of all dying empires, why should the death throes of the American Fascist Empire be any different than the many before us? This disgusts me, but who can possibly be surprised. As the spoils of empire become a trickle with the decay of military and economic power, along with the end an enforced international peonage, the ruling elites turn inward. And, in the last acts of self-destructive desperation, consume their own.
John Turner suspected that brokers were encouraging federal workers to ditch their top-flight retirement plan. So he went under cover.
The former U.S. Labor Department economist called representatives at companies such as Bank of America Corp., Charles Schwab Corp. and Wells Fargo & Co. He identified himself as a potential client grappling with what to do with his own nest egg.
Turner thought he knew the right answer: Leave it alone. As a legacy of his government service, he kept his money in the Thrift Savings Plan, considered the gold standard of 401(k)-type programs for its rock-bottom fees. Yet all but one company told him to roll over all his money into individual retirement accounts. On average, stock funds charge almost 50 times more than the government plan.
“It’s a scandal,” said Turner, director of the Pension Policy Center in Washington. “They are trying to sell me an IRA clearly not in my interest. It’s in their interest. They want to get the fees.”