Matt Taibbi: While Deflategate and Chaitgate Rage, America Quietly Robs Its Elderly

[marmar]

(Rolling Stone) Remember the Matthew McConaughy scene in Wolf of Wall Street? The one where the Lincoln man is doing that weird pound-the-sternum chant and blasting coke and martinis over lunch while he gives Leo de Caprio his famous "Fuck the client!" speech?

That's the scene where Leo's whacked-out boss talks about the three keys to success on Wall Street: jerking off, cocaine and "revolutions," i.e. keeping the client on the investment Ferris wheel indefinitely, while you burn him for fees. On and on it goes, the park is open, 24/7, 365 days a year…

"He thinks he's getting rich, which he is, on paper," McConaughy says. "But you and I are making cold hard cash – on commission, motherfucker!"

A graphic demonstration of that scene, and the financial-services industry ethos it describes, just hit the news in the form of a wild new report on the wide-scale scamming of ordinary investors. The "Ferris wheel" of conflicted payments, unnecessary fees and other shady practices apparently beats retirees for up to $17 billion a year, according to an internal White House memorandum.

Bloomberg's Dave Michaels and Margaret Collins did an excellent report on the topic. They wrote that back on January 13th, Jason Furman, the Chairman of President Obama's Council of Economic Advisors, issued a scathing memo about shady broker practices and how they impact ordinary savers, especially working people who use brokers to manage their retirement funds. .........(more)

http://www.rollingstone.com/politics/news/while-deflategate-and-chaitgate-rage-america-quietly-robs-its-elderly-20150129#ixzz3QJafuNzo

[dixiegrrrrl]

1. ty for posting, marmar. n/t

[sabrina 1]

2. Why can we not have a real news media, with people like Matt Taibbi, Jeffrey Scahill among others

doing the job journalism is supposed to do, keeping their eyes open for the benefit of the people and fearlessly reporting, TO THE PEOPLE, information that is vital to their well-being?

If only we had a free press before the crash. Imagine if the time spent on deflated foot balls was spent on explaining to the people what they were up to, what deregulation really was all about, it wasn't about 'FREEDOMS', it was like opening the door to the safe in a bank and saying to the customers 'don't worry about your money, we can 'just trust' everyone not to steal anything because they are all such clever and smart people'

But that is just a dream.

At least we can access real journalists, so long as they are free without being prosecuted for something or another, to do their jobs.

[ND-Dem]

3. That would impede the grab for the assets of the working class, in preparation for the ruling

class decamping with the assets and leaving the country to rot.

[TheKentuckian]

6. $$$

As soon as news departments were expected to be revenue centers it was irretrievably all over.

Not the only reason but enough of one to fuck us good even putting all other factors aside.

[AZ Progressive]

4. Didn't you know, America is a predator's paradise?

Unless of course the predators are black or hispanic...

[NuclearDem]

5. Because God forbid we talk about white privilege.

[Scuba]

7. K&R