Looters vs Moochers - who wins?
Given the source, it's pretty hard not to detect the pro-Wall Street bias, but they may have a point about the next generation's approach toward investment. Crowd-sourcing is becoming the new investment medium for small businesses - to the chagrin of banks and financiers alike. So what happens if all that money gets left out of the traditional investment economy?
Now personally, I think the current global economy is a towering house of cards. Between abysmal returns on bonds and an incredibly shaky housing market, the only two investment vehicles left are commodities - which are a short-term game demanding a lot of personal attention - and the stock market. This is why (IMHO) we are seeing new highs in the stock market despite zero real business justification - there are no good investment options at the moment!
Now personally, I think the current global economy is a towering house of cards. Between abysmal returns on bonds and an incredibly shaky housing market, the only two investment vehicles left are commodities - which are a short-term game demanding a lot of personal attention - and the stock market. This is why (IMHO) we are seeing new highs in the stock market despite zero real business justification - there are no good investment options at the moment!
I had a Self Directed plan that I closed the end of 2013 with American Pension Services. In April of 2014 a “Receiver” appointed by the court took over control the remaining 5,500 accounts, valued at over $350 million. There is apparently a $25 Million shortfall caused by the CEO eight or ten years ago but the statute of limitations on any crime there has run out.
Not to be dissuaded,the Securities and Exchange commission has changed the accusation two more times and has finally settled on Fraud and just now filed the charges this week. So actually no crime has been committed, just an accusation.
All assets were frozen and eventually the “Receiver” was given “Broad discretionary powers” including approving any and all investments even though she does not appear to have a Brokers License. Of course, even though my account was closed she has decreed that it is still open. The bottom line is that her “Plan” went into effect this week calls for everyone to pay 10%.
There are a number of other details that don’t make sense, like why is the current membership paying for this when it happened years ago, or the fact that about 8,000 members closed their accounts, but they are not included. Or why this isn’t being picked up by the FDIC, since the State of Utah Bank was the Custodian, or why they let the Administrator withdraw the money without authorization. Of course, the IRS oversees and enforces retirement accounts, but other than a letter sent by the "Receiver" recently they haven't been brought into it, and no consideration seems to be being made that the "Plan" doesn't coincide with the laws or the Constitution.
What I discovered is that the looters simply want their 10%.