Goldman Sachs Seeks Bigger Share of U.S. Retirement Savings

[Robbien]

Source: Bloomberg

May 18 (Bloomberg) -- Goldman Sachs Group Inc., facing a fraud lawsuit from U.S. regulators who accuse the company of misleading investors, is trying to convince more Americans to trust the firm with their retirement funds.

The New York-based company is promoting alternative asset funds and designing target-date funds that provide guaranteed income to grab a bigger piece of the $2.7 trillion 401(k) market, said Bill McDermott, a managing director at Goldman Sachs Asset Management and head of its defined-contribution business.

“We understand risk and we understand asset allocation,” said McDermott, who joined the firm in February to strengthen its retirement-plan products and marketing. “We’re looking to leverage that for the 401(k) market.”

. . .

“When a client gives us their money and their assets to manage, we are 100 percent their fiduciary, we must manage their money in the most prudent fashion possible using our best judgment possible,” Goldman Sachs President Gary Cohn said on May 11 at an investor conference in New York.

Read more: http://www.bloomberg.com/apps/news?pid=20603037&sid=aleNSNidU4Ms

---

[tom_paine]

1. Reads like a comedy, or a Greek tragedy. Know what? They're going to get our 401(k)s.

They are going to get it all, skim billions off the top in hidden, bogus fees, then steal trillions more when they and their Bankster pals crash the market again (after selling the day before the crash, thus securing their ill-gotten gains for which they can't and won't be touched, except maybe a few low-level patsies, if that).

[florida08]

2. LoL

that'll be a cold day in hell

[AllentownJake]

3. Criminally indict and end the squid nt.

[Romulox]

4. They'll get whatever they ask for. nt

[denverbill]

5. Hmm. How soon will we be seeing Congress pass a law mandating we give them our 401ks?

It just wouldn't surprise me anymore.

[dixiegrrrrl]

6. Funny you should ask.

This was being discussed back in Jan.


" the U.S. Department of the Treasury is now officially looking at ways to force a portion of every 401k/IRA account---or some other as-yet-nonexistent, government-mandated employee benefit account---into "fixed payment annuities", which in plain English, means that most of the money would be channeled into long-term Treasury bonds.

Officially this is all about "retirement security" (sounds nice), but it would also constitute a de facto seizure of private assets in order to fund government deficits at negligible interest rates---a stealthier version of what recently happened in Argentina.

Even more amazing, by opening the matter to public comment through publication in the Federal Register---where all draft regulations go prior to being implemented--- the Treasury is indicating its position that something along these lines can be done through administrative fiat, rather than an act of Congress"


Here are links to the snippet above and to a few other pages of simliar ideas to steal the retirement funds:



http://seekingalpha.com/article/181840-retirement-accounts-and-treasury-bonds-america-s-unprecedented-money-and-power-grab

http://www.wnd.com/?pageId=132061 ( this describes a bad bad idea)

FDIC Said to Encourage Pension Funds to Invest in Failed Banks:
http://www.businessweek.com/news/2010-03-08/fdic-said-to-encourage-pension-funds-to-invest-in-failed-banks.html

[aquart]

7. NOOO!!!!

[Name removed]

8. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Ghost Dog]

9. The guillotine is quick and clean.

Civilized. That's why.

But some would only begin to understand, it seems, since they appear to want to move us all waaay back in time, something much more slow and dirty.

:( :thumbsdown:

[flyarm]

10. ahhh why the hell not..Obama has surrounded himself with these crooks..

why would I be surprised if our 401k's were turned over to the Goldman crooks..that are now in this administration..or advisors to this adminis.??

Nothing surpirses me anymore..not damn thing..they won't be happy until all of us are broke and their "subjects"

wtf:wtf: :wtf: :wtf: :wtf: :argh: :wtf: :wtf: :wtf: :argh: :wtf: :wtf: :wtf: :argh:

[Quantess]

11. K&R