- from wisdom to wealth
HOW BIG BANKS RIP OFF SAVERS AND INVESTORSWhen my clients and I left the Wall Street frenzy at the peak of 2008, I was disgusted at how big banks treat their customers and employees, and how CEOs collect multi-million dollar pay packages on the sour back of savers and workers.
I saw first-hand how banks charge high and hidden annual management fees on customer’s investment accounts while delivering dubious management services. Under 3-4% annual fees, both visible and invisible, there is no way for my clients to do well over the long term. That's why I left Wall Street to start my own independent investment advisory firm.
Now things are getting worse!
Jamie Dimon, the guy who pocketed the most from the Federal bailout of banks, is now blaming the government for too much regulation. Here is the story: Banking giants like Mr. Dimon, driven by greed and through shameless promotion, lured the public into insane real estate loans. Eventually they brought down the whole economy and everybody else. To recoup their big losses in real estate loans, they pushed down the interest rate to zero, paying savers nothing, while raising fees on everybody’s bank accounts and credit cards. They now refuse to lend money to legitimate businesses and home buyers. They squeezed American savers so Jamie Dimon can collect a $17 million pay package last year.
Now at the first sight of economic slowdown, they jumped up to blame the government. When the government is planning to charge 3% for the use of their capital, Jamie Dimon jumps up: “No! The government should give us a free hand to pay savers nothing, use free government capital, charge investors high annual fees, and in the end, pay ourselves a big package of CEO compensations.”
Enough is enough. Big banks like Chase are taking advantage of scared savers. It’s time for us to take our hard earned money out of zero-interest savings account and high-fee mutual fund wrap accounts, and move the money into quality investment vehicles that charges no management fees!
It’s time to schedule a second-opinion review of your portfolio and learn about quality investments that charges no management fees unless you make money. For more information, please email: mungerism (at) gmail.com
"Big banks are taking advantage of American savers with zero interest so banks can recoup their billions of losses on real estate loans and still pay big bonuses to their CEOs. It's time for investors to take our money out of zero-interest savings accounts and high-fee mutual fund wrap accounts, and move into safe investments that charges practically no management fees."
– A Wall Street Insider
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from wisdom to wealth