Regulators tell Wall Street to stop “depleting
our retirement savings.”
Advisers can keep their "conflicted" commissions,
but it's time to stop harming clients by depleting their retirement savings,
says the chairman of the Labor Department's hearings on its proposed fiduciary
rule. "We are absolutely not banning commissions," he says, a
day after the hearings concluded. "We just want everyone who is working on
retirement accounts to be acting as
fiduciaries." Fiduciaries are legally bound to put
their clients' best interests before their own when providing financial
advice.
Earn 11% not 3.69%
under advisor: http://www.amazon.com/Earn-11-NOT
3-On-Investments/dp/1502412187
Citi may owe you money for misleading you—no one goes to
jail
Citi mislead you about a ASTA/MAT fund and the Falcon
fund by claiming they were “safe,” “low-risk” and “suitable” for
traditional bond investors.
Brokers/advisors should never use the words “safe”
“low-risk” or “suitable” without written
proof from the owners of the firm/bank/fund. Avoid the Pimps!
Can regulators control former bosses?
The Federal Reserve Bank of Dallas
has named Robert Steven Kaplan, a former Goldman Sachs executive as president.
This is a revolving door—lunch with your old buddies at our
expense?
Farmers
kill 500,000 cows so they can raise milk prices?
Most of the food we eat is produced and controlled by just 4
“farmers.” By a 1922 law,
they can band together to market products and demand “fair”
prices. Agribusiness has purchased most farmland and receives $956 Billion in subsidies
(our taxes) to grow or not grow
depending on “incentives.” These gifts are from our “representatives” who
receive cash to continue the myth of the American farmer plowing his/her 200
acres 18 hours a day. Actually many
of our “reps” receive $ millions themselves. Sweet deal!
Plague from flees at Yellowstone
A second tourist who had been visiting California ’s
Yosemite National Park Georgia
got tested after hearing that a camp ground had been closed to spray pesticides
to kill fleas that carry plague.
What is your hospital’s rank for care you need?
Mayo
tops the list for many care categories. What about yours?
How can you protect someone you are taking care of?
As a caregiver, the Office for Older Americans has put out
guidelines for Managing
Other People’s Money. You will learn how to protect them from scams and bad
financial advice. How do you maintain communication with their family members?
Who will help you when you need it?
Trump
to end citizenship as defined in the Constitution:
citizenship granted to “all persons born or
naturalized in the United States
Is Trump a citizen? Friedrich Drumpf emigrated
from Germany .
Rubio and Jindal were born
in US to non-Americans. Cruz
is Cuban born in Canada.
Guess that leaves the American Indians to reclaim their
land! Ms Liberty back to Paris ?
Christie pays for his campaign with PA contracts—No
bid contracts to his friends
Kasich will close all
teachers' lounges in schools across the country. De-fund schools?
GoP promises no regulations—China
explosions had no regulations either.
RubioCare will reduce
cost AND coverage for all but wealthy.
It’s getting hotter, despite what GOP says
July saw the highest
average temperatures since record-keeping began -- globally, not just in
the United States
-- the National Oceanic and Atmospheric Administration reported Thursday
Is the 529 college savings plan better than credits deducted
from your taxes?
If your joint income is under $160,000 you may receive a
greater benefit by taking the tax
credit up to $2,500 than by avoiding taxes on your 529 gains. (Tax on gain
of 7% on $30,000 is only $525 in 25%-bracket.) Usually the credits are more
valuable than the tax savings from a 529 distribution.
Plus, 40% of the credit (up to $1,000) is refundable. When you use the 529
for any educational expense, you have to pay tax (but not penalties) on at
least part of the money you withdrew from the plan in the previous tax year.
Help from grandma’s 529 may hurt a child’s aid calculation in the next year.
CA valley sinking 13 inches in 1 year—infrastructure
destroyed
Sucking water underground to grow crops may end growing
before the usage regs slow it in 20 years in the San
Joaquin Valley.
SCAMS
We are still wasting $8 million per HOUR we
don’t have in Iraq/Afghan/Ukraine.
Rebuild America
If you get a letter from the IRS, hackers may have stolen your
data from IRS
“The IRS will begin mailing letters in the next few days to
about 220,000 taxpayers where there were instances of possible or potential access
to taxpayer information.” IRS is offering free credit monitoring services
and a program that assigns them a special ID number that they must use to file
their tax returns.
Edward Jones broker caught overcharging for munis—no jail
time
Edward Jones has agreed to pay more than $20 million to
settle SEC charges that it overpriced new issues of municipal bonds. “Because
current rules do not require dealers to disclose markups on municipal bonds,
investors receive very little
information about their dealer’s compensation in municipal bonds.” Stina
Wishman, Muni head, did not go to jail.
Steven Covey, Edwin Lichtig, and Rex Hofelter as Pension
Funding, and Pension Income, caught deceiving
consumers about the costs and risks of their pension advance loans. They
gave lump-sum cash advances for agreeing to redirect
all or part of their pension payments over a period of eight years.
NO JAIL TIME
Jacob Keith Cooper caught in fraud but no jail
Cooper, Total Wealth Management, had $90.2 million from clients
and much of that money was lost. He got fees
and kickbacks from the funds he was putting their money into. Regulators
fined him but no jail time.
LA owes you money—overcharged for water, really?
The Los Angeles Department of Water and Power would credit
or refund tens of millions of dollars to customers who were overbilled during
the botched rollout of a new billing system. Not even fired supervisor.
Springstone caught! NO jail time
Springstone Financial was ordered to provide $700,000 in
relief to victims of deceptive
credit enrollment tactics. Many consumers who signed up for Springstone’s
deferred-interest loan
product at dental offices to pay for dental work were led to believe that
the product was interest free. In fact, interest accrued from the date of the
consumer’s purchase and was charged if the balance was not paid in full before
the promotional period ended. Approximately 3,200 consumers who signed up for
the product ultimately were charged and paid deferred interest.
State Farm sued for using “junkyard” parts to fix cars—no jail
charge.
State Farm steered their customers to the company's
preferred repair shops, which sometimes use "junkyard,"
"knock-off" or "after-market" parts instead of those
provided by the manufacturer. The result can compromise
safety, as well as aesthetics.
IAN
41 Watchung Plaza, B242
973.746.2014
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