Elizabeth Warren Wants To Ruin A Bunch Of Rich Folks' Vacations

[portlander23]

Elizabeth Warren Wants To Ruin A Bunch Of Rich Folks' Vacations
Jason Linkins
Huffington Post

So, that happened. This week, Sen. Elizabeth Warren (D-Mass.) embarrassed Wall Street again, this time with a new report detailing the extent to which bad financial advisors get lavish vacations as a reward for steering clients into terrible investments.

Audio at link

Elizabeth Warren Hits Wall Street To Defend Obama Retirement Rule
Zach Carter
The Huffington Post

Sen. Elizabeth Warren (D-Mass.) took a swipe at Wall Street Tuesday, detailing a host of vacations, cruises and other perks that retirement professionals commonly receive for steering clients into particular investments. The rewards provide investment experts with plush incentives to shortchange retirees for their own personal benefit.

Warren's description of the perks, outlined in a report issued by her office, serves as a fresh defense of a retirement security rule proposed by the Obama administration, which would prohibit such activity. Americans collectively lose about $17 billion dollars a year to conflicted retirement account advice, according to the administration.

To solve that problem, the Department of Labor would impose a "fiduciary duty" on fund managers, requiring them to make investment decisions in the best interests of their clients and making it illegal for investment professionals to push clients into under-performing investments in order to score vacations or other benefits. Wall Street has aggressively lobbied against the rule, which is opposed by Republicans and many conservative Democrats with close ties to the financial industry.

Warren said that such lavish travel arrangements are only described in "the broadest and most vague terms" in official investment disclosures -- terms that conceal their vacation-oriented nature.

While most rank-and-file Democrats have been quiet (or at times, even hostile) to the Obama administration's retirement security rule, Warren has emerged as its staunchest proponent in Washington -- a marked shift from the summer, when Warren and Obama publicly feuded over trade policy.

[dreamnightwind]

1. Small sensible reforms

She's backing Obama's retirement security rule proposal. I don't know what else is in it, but if it's stuff like what is mentioned in the OP, sounds good. Ending incentives, often in the form of perks and vacations for investment advisors, to sell certain funds to clients, even though those funds may not be the best for those clients.

Now I'd like to see her get busy and ruin Bill and Hill's excellent adventure. They are no friends of the policies Warren champions.

[annabanana]

2. It ASTOUNDS me that that behavior isn't ALREADY illegal

"requiring them to make investment decisions in the best interests of their clients and making it illegal for investment professionals to push clients into under-performing investments in order to score vacations or other benefits. "

amazing

[jalan48]

3. Yep-it is odd.

[Uncle Joe]

4. Kicked and recommended.

Thanks for the thread, portlander.

[Unknown Beatle]

5. This

"which is opposed by Republicans and many conservative Democrats with close ties to the financial industry."

In other words, we voted them in and now they've forgotten us and even telling us to fuck off. That is until the next election, when they will campaign telling us about dancing butterflies, singing fairies, and unicorn fart rainbows.

[passiveporcupine]

6. Hmmm...who would support Warren on this?

Sanders or Hillary? I just can't figure it out.

[jfern]

7. Does her proposal just say "cut it out, Wall Street"?

[PoliticalMalcontent]

8. I hope that some day Sen. Warren takes a run for Presidency.

I'm glad we have a watchdog like her in politics.

[99th_Monkey]

10. Or gets tapped as VP alongside Bernie Sanders. -nt-

[99th_Monkey]

9. K&R !!