OT. Hope you know who your invested with.Oh boy,not again.
- Thread starter ruready4somefootball
- Start date
Unreal is all I can say. I'm not a financial person, but how there are not more rules and regulations in place, (especially after the Madoff scandal) to stop things like this are baffling to me. It's really disgusting what goes on in the financial world on a lot of different levels.
As long as there are fools, there will be con men.
Exactly. I'm not saying the regulatory environment is adequate in some of these situations but people can avoid this by being smarter. It's astounding to me how many otherwise intelligent people, many of whom are highly educated and successful, know so little about personal finance. We can't all be experts on everything--none of us can--but personal finance is not the area to skimp on. People need to educate themselves and by that I don't mean going to the local financial advisors free lunch for a turkey club, glass of Chardonnay, and a sales pitch.
It's not the rules and regulations in place, as a matter of fact there are too many of them. The problem is enforcement! Hire and train more people to execute what is already in place. Btw enforcement was the problem with Bernie. All the regulations where in place then just not enforced.
My wife and I went to a free dinner to hear of one of these financial "products", a version of a Variable Annuity. The people giving it were husband and wife, and both had allegedly worked on Wall Street. The pitch was an average return of 7-8%, but without any losses (which is what Certificates of Deposit gave you many years ago; oh, how we miss those days!). Sounded too good to be true, and my wife reminded me that this is how Bernie started.
We ate our meal - and it was delicious - and had some nice conversation with the people at our table, then booked out of there.
We ate our meal - and it was delicious - and had some nice conversation with the people at our table, then booked out of there.
I'm not in the industry, but from my understanding, there is a tremendous amount of regulations. Far more than before. It isn't the regulations, or lack of. As usual, it is enforcement of the law and people making poor, uninformed decisions.
