Friday, July 26, 2013

Remember when?

Remember when President George Bush and the rightwingers had a better idea about your retirement money? I do. We were supposed to be better off if we just all got Wall Street accounts and let the market take care of it.

It was a great notion if you were a Wall Street insider, not so great if you were John Q. Citizen. Bloomberg reports:

 The government has presented a case that it’s likely to win, given the success rate Manhattan U.S. Attorney Preet Bharara’s office has had against insider traders. The office has won convictions at trial or in guilty pleas in 100 percent of the cases brought. That could herald the demise of Cohen’s fund, which has about $13.9 billion under management, of which about $7.5 billion is part of Cohen’s own $9 billion fortune.
This is notable because the alleged scamster, Cohen, was one of the most admired of all Wall Streeters. The game is rigged.

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