The game’s afoot. The financial industry is beginning its stealth attack on financial reform. First up: The single speck of potential investor protection that sneaked into the new law.
If activated, the change could push brokers, planners and insurance agents toward selling their clients better investments than they might be recommending now. That happy outcome, [...]
Posts Tagged ‘fiduciary duty’
Consumers won. Banks lost. That summarizes the consumer piece of the financial reform bill.
On the other part of the bill that affects individuals, my verdict flips. Investors lost, Wall Street won.
Taking the consumer side first, color me thrilled that Congress created a potentially strong Bureau of Consumer Financial Protection. When President Obama proposed it last [...]
- Stop Senator Collins! She wants to cut a key investor protection from the financial reform bill
- POSTED 05.18.10
I’ve praise the Senate financial reform bill here for imposing a fiduciary duty on stockbrokers. And I praised Maine Senator Susan Collins for wanting to extend that duty to brokers who sell to institutions such as pension funds and mutual funds.
Wow, did I ever speak too soon. Last week, Collins declared herself in favor of gutting [...]
- Will brokers have to put your interests first?
- POSTED 05.6.10
Goldman Sachs is the gift that keeps on giving. Financial reform was getting as watered down as a carafe of cheap wine until the SEC charged Goldman with fraud. That put Wall Street’s owned-and-operated Senators on the defensive. Maybe—just maybe—Jill and Joe Investor will catch a break. Brokers might have to be more careful about [...]
