Quote:
Originally Posted by Redrob
The Federal Reserve Bank and Wall Street Financial concerns have to figure out how to screw the baby boomers out of their retirement savings and get away with it. This isn't the first time banks or Wall Street has helped themselves to seniors' savings.
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After the Treasury department was going to dip into gov pensions, I thought, "I bet someday they'll try to raid 401k's."
"Bank of America (BAC, news), JPMorgan Chase (JPM, news) and Wells Fargo (WFC, news) are adding staff, creating easier-to-use technology and competing on fees in an effort to win a bigger share of the trillions of dollars in 401k savings plans.
JPMorgan almost doubled its sales force dedicated to selling retirement-plan services to employers in 2010, says Michael Falcon, whose job as head of retirement in the U.S. and Canada for the bank’s asset management unit was created in January. “It’s one of the top priorities” at JPMorgan, he says."
http://bajansunonline.com/big-banks-...01k-trillions/