The Derivative Project

Department of Labor and Fiduciary Duty

DOL and New Fiduciary Duty – What’s Changed?  Nada

DOL and New Fiduciary Duty – What’s Changed? Nada

FINRA and Disputing “Chasing Windmills” With over $14 billion in retirement accounts, Wall Street (the SEC’s FINRA) is charged with protecting IRA investors, from sales personnel steering their retirement assets into inappropriate products and/or high fee products and enforcing all securities laws, passed by Congress. The financial services industry inappropriately labeled sales…

Congressional Capture Hasn’t Captured Senator Al Franken

Congressional Capture Hasn’t Captured Senator Al Franken

Regulatory capture is rampant, fueling the ongoing retirement crisis and the ongoing skimming of American’s retirement nest eggs by Wall Street financial intermediaries.  There is also a shocking proliferation of Congressional Capture.  As Firedoglake wrote, “Wall Street Lobbyists Literally Writing Bills in Congress.” There are so very few in Congress…

It’s Financial Literacy Month:  Ignore Wall Street Workplace Curriculum

It’s Financial Literacy Month: Ignore Wall Street Workplace Curriculum

Bloomberg, New York Times, CNBC and your workplace 401k/403b “financial education curriculum” are all designed to keep the the financial services industry booming, on your Nickel.  Control of the media message, Congress, billions of dollars of advertising and the workplace curriculum have prevented normal supply and demand forces to operate…

This Schwab Ad Epitomizes the Disingenuous Advice Industry: Buyer Beware

Charles Schwab was once a leader in doing what is right—a low cost leader – a pioneer in discount commissions.  They are still an excellent custodian and their online tools are top notch. However when Schwab moved into “packaging product” and became the purveyors of “advice” to the retirement industry, they…

Book Review: Larry Doyle’s In Bed with Wall Street: A Must Read, a “Book that Matters”

While many have grown so tired with the hashing and re-hashing of why our systems failed us in the 2008 and 2009 financial crisis, Larry Doyle’s new book, released today, In Bed with Wall Street – The conspiracy crippling our global economy– should be read, shared and discussed, not just by…

The Fiduciary Debate is But A Sideshow: The Underlying Question is Capitalism or Dependency?

The continuing debate in Congress, the SEC and the Department of Labor on who is and who is not a fiduciary to American’s retirement savers is but a sideshow.  The retirement crisis, can be traced in part to the conflicted role of the middleman advisor, which can be summarized by…

Why Financial Literacy Efforts Failed: Wall Street Wrote the Curriculum and Spread the Message with the help of Public Radio

Experts are baffled by why all the tax dollars and private money flowing into K-12 Curriculum and private foundation support has failed to make a dent in American’s financial literacy score. Here is brief synopsis at CNBC, June 4, 2013, Financial Literacy Efforts Get Failing Grade. With a focus on…

Why the Debate on Fiduciary Duty is Meaningless without End to Mandatory Arbitration

Congress, the Department of Labor and the SEC are all fiercely debating if a stockbroker should act in the best interest of a retirement saver.  Based on current contract agreements an individual retirement investor signs when he opens up an IRA, any claims for losses in their IRA are subject…

The Derivative Project Requests SEC Move Retirement Cash to FDIC Sweep Accounts

The Derivative Project sent a request today, on behalf of retirement investors, to SEC Chairman Mary Shapiro to consider moving retirement cash from money market funds carrying systemic risk to FDIC sweep options.  In addition, The Derivative Project requested that retirement savers have direct access to Treasury Direct for the…

Retirement Savers Need A Bona Fide Advocate and Their Day in Court

Third Dodd-Frank Fiduciary Standard Proposal Allows Private Right of Action MINNEAPOLIS, April 13, 2012 /PRNewswire via COMTEX/ — On April 3, 2012, The Derivative Project, a Minnesota-based non-partisan, investor advocacy organization, delivered a Petition for Rulemaking to the Securities and Exchange Commission. The purpose of the Petition is to restore…