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Senate Wants to Keep 401k Fees Hidden from Investors

By: DFree | June 11, 2010 | The Politicians

Wow, it never ceases to amaze me how corrupt politicians can be. The Senate is moving to keep 401k expense fees hidden from participants. Poor investors continue to get the short end of the stick.

While the government tells us that much of the new legislation on the table for financial services reform is aimed at protecting consumers/investors, proposed changes like this one don’t seem to cater to investors. Quite the opposite, I’m afraid! For years, politicians from both parties have been in bed with lobbyists and special interest groups associated with the financial service industry. Lobbyists from the financial services industry have always been large contributors to politicians, so for the Senate to try and bury this should come as no surprise.

Kathy Kristof has provided a detailed look into this 401k fees issue.

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Investor Watch Dog is a weblog designed to inform investors about hidden risks when they invest assets based on the recommendations of financial planners, financial advisors, money managers, insurance agents, and investment sales representatives. Some of Wall Street's biggest investment risks result from Ponzi Schemes, investment bubbles, conflicts of interest, bad advice in bear markets, lobbyist activities that promote industry interests, bad investment products, and anti-investor business practices. While some of these risks are worthy of front page headlines, millions of investors assets are much more frequently exposed to less newsworthy but exponentially more harmful investment scams, financial fraud, illegal investment products, bad financial advice, bad investment recommendations, misrepresentation, omission, abuse of trust, deceptive sales practices, and breach of fiduciary duties. The role of Investor Watch Dog is to shine a spotlight on legal and illegal business practices that undermine the financial interests of investors, retirees, business owners, professionals, executives, and other types of consumers who rely on Wall Street and its financial professionals for the advice and services they need to achieve their financial goals.