PBS Frontline Nails It On How Wall Street Screws Main Street

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http://www.businessinsider.com/the-retirement-gamble-pbs-frontline-exposes-how-wall-street-screws-main-street-2013-5

“The Retirement Gamble,” a PBS Frontline documentary, looks critically at inherent conflicts between the financial services industry and investors. The program excellently frames these complex issues in an easy to understand manner. Of particular note, the producers did an outstanding job of breaking down how investment-related fees destroy investment returns.

Readers of our work will recognize that the issues raised in the program are near and dear to our hearts. We’ve previously described these very issues raised in the program as the greatest consumer scam of our time, a scam that is so enormous and wide reaching that is almost difficult to fathom.

We were thoroughly entertained when correspondent Martin Smith, armed with data from the investment legend Jack Bogle, confronted Michael Falcon, the head of retirement for J.P. Morgan Asset Management, about the eye-opening negative impact J.P. Morgan mutual fund fees have on investors’ returns. Mr. Falcon appears totally baffled by Mr. Smith’s question—he literally fumbles around, struggling to articulate a single word.

Having worked for a major Wall Street firm for many years, I can tell you that the folks like Mr. Falcon, who run big divisions of these large institutions, are very savvy and highly trained with respect to making media appearances. They’re the best of the best, and they never fumble. His awkward response to the question underscores the fact that this industry has run virtually unquestioned.

http://www.pbs.org/wgbh/pages/frontline/retirement-gamble/




Read more: http://www.businessinsider.com/the-retirement-gamble-pbs-frontline-exposes-how-wall-street-screws-main-street-2013-5#ixzz2SQMV1UkX

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1. I missed that episode but

frankly, I'm not sure I want to watch it. My doctor said I should avoid more stress on my heart.