$19.4 Trillion
Guess who thinks you may need some “help” managing it?
The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency’s first foray into consumer investments.
“That’s one of the things we’ve been exploring and are interested in in terms of whether and what authority we have,” bureau director Richard Cordray said in an interview. He didn’t provide additional details.The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams, according to three people briefed on the CFPB’s deliberations who asked not to be named because the matter is still under discussion.
“Fall prey to financial scams”
Like, say, the Government.
They are all whores and thieves.
We used to shoot horse thieves, didn’t we?
They will do everything they can to steal that $19.4 trillion dollars from you.
In the name of ‘helping you’, of course.
Makes Ya Barf, Morality, Nanny State, Politics | Mr. Bingley | 
March 19, 2013 7:40 am
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Actually, we used to hang horse thieves.
And rope isn’t on any potential ban list right now. Not to mention, rope is generally 100% recyclable.
A real win-win!
A Gaia-Friendly solution!
Everybody wins!
I have an inexplicable urge for sheftalia.
They are laying the groundwork for this. There a poll a few weeks ago stating that people favored having the government manage their pensions. You know that poll was a plant.
Who protects people from the Consumer Protection Agency?
on April 19th, all of my 401k investments will be cashed
in and squirreled away in a safe, secure location.
screw them and that horse’s ass boss of theirs…
There’s an interesting twist to this story. Seems as though the EU is trying to put the squeeze on the Russians.
Hmmmmm…..are the vipers fanging each other? If so, keep it on THAT side of the Atlantic.
And to think Bernie Madoff got sent up the river for nearly the same thing.
Madoff had to at least convince the marks to give him the money; the government is just taking it from the bank.
I’m sure they can hire a lot of experienced financial managers from Fanny Mae and Freddie Mac. Look what a good job they did with mortgages.
@michael. Umm, yeah. Right. Thanks for the chuckle.
But, more seriously, regarding financial scams. I LITERALLY *and I do mean literally* had to drag my parents, about 4 years ago, to the FBI with a letter they had received informing them they’d won 20,000 but had to send 4,000 via western union to collect.
Sorry but. If there were no gullibles in the world, there would be no spam. We do need to educate the elderly.
Although I suspect most of the baby boomer generation are quite a bit more suspicious. My father is 88. My mother is now deceased. Hopefully, there are no scammers in the afterlife. If there are, she’s in deep trouble – she believed everything anyone told her. 🙁
Kathy – there are scammers in the afterlife, no doubt… they are forced to clean the bathrooms and scrub the floors in the mansions of all the people they bankrupted in life. Their only break is for meals, during each of which they are interrupted by phone calls from actual Nigerian princes demanding back the cash they claimed to have.
Kathy,
I doubt the Boomers are much more sophisticated. A few years ago one oh-so-sophisticated New York journalist got fleeced by Nigerian spam. At least he got a column out of it, admitting how stupid he had been.
The Gummint (all levels) is so bad at running the affairs of the nation (states,cities, counties, school districts, sewer districts, et bloody cetera) and now so corrupt that any such “Consumer Financial Protection Bureau” is more likely to be a governmental scam than something that will actually help investors. Note what they’ve done with Social Security and the pension funds of their workers. Call it a Consumer Finance Fleecing Bureau to be more accurate.