Since President Obama has declared war on the financial community, I have a suggestion for him. If you have a mortgage with one of the five big banks, you are now subject to all kinds of goodies. You can get cash, get off the hook for foreclosure, and get refinanced at a lower interest rate. All others need not apply. Shareholders for those five banks are giving you help. The government is taking credit for it.
The financial community is doing a far greater disservice to consumers and no one is talking about that. Year after year money managers, wealth managers, banks, private banking investment managers , and so-called money managers are under performing the major indexes and charging big fees to do so. Let’ s get a little help here, Obama.
Have you new Consumer Affairs Nazi put in a new regulation that says, simply, if any of the above under perform the indexes, no fees. Widows, unsophisticated investors, 401K holders, and God forbid, even the rich are paying billions for non-performance. The non-performers are getting big bonuses to under perform. Under performance is costing the government billions in tax dollars.
Here’s a real opportunity to buy votes.
