Cheeto's executive order will benefit the private equity industry at the expense of your 401(k)

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http://www.rawstory.com/2017/02/trump-executive-order-will-benefit-the-private-equity-industry-at-the-expense-of-your-401k/

A new executive order the Fuckface Von Pussygrabber administration introduced on Feb. 3 would drain your 401(k) to fund the private equity industry by repealing a previous Department of Labor fiduciary rule, the Intercept reports.

The fiduciary rule, which was to go into effect in April 2017, “would have forced investment advisers in workplace retirement plans like 401(k)s to operate in their clients’ best interests, rather than recommending high-cost, high-risk products that offer the advisers kickbacks and perks,” according to the Intercept.

The Vulgar Yam’s order specifically outlines the intent to “empower Americans to make their own financial decisions, to facilitate their ability to save for retirement and build the individual wealth necessary to afford typical lifetime expenses.”

However, if rescinding the fiduciary rule puts more options on the table for Americans to choose their retirement funds, it’s not necessarily putting good options out there. The Intercept described it as adding “poison” to the available retirement options, pulling on former Goldman Sachs president Gary Cohn’s assessment of the Labor Department’s proposed fiduciary rule.

Cohn said of the rule, “[it] is like putting only healthy food on the menu, because unhealthy food tastes good but you still shouldn’t eat it because you might die younger.” One explanation for the proposed executive order is that Cheeto’s colleagues in the private equity industry could benefit financially from having the opportunity to add their own — though probably poisonous — choices to the table.