John Bleeping Carney. One of 30 ‘Democrats’ to vote to enable ‘financial advisors’ to continue to rip you off. Worse than useless. Check out this article from Daily Kos:
The Labor Department proposal, known as the “fiduciary rule,” would change the ethical standards by which employer-based retirement products like 401(k)’s and IRAs are marketed and sold. The rule has not been updated since 1975, before 401(k)’s and IRAs even existed. The Labor Department wants to broaden the definition of a “fiduciary” to cover all financial advisers who offer individual investment advice for a fee. Under the rule, they would be legally required to work in the best interest of their clients. For example, a fiduciary would not be able to push investment products on customers in which they have a financial stake.
Currently, it is depressingly common for financial advisers, more than 80 percent of whom are not fiduciaries, to self-deal when offering advice. First off, they obtain large fees from the retirement products they sell. According to the think tank Demos, a median-income, two-earner household will pay $155,000 during their lifetime to financial advisers on average. (The lifetime gains for two-earner households from retirement accounts are around $230,000, meaning that nearly two-thirds of the profits go to the industry.) Second, non-fiduciary financial advisers can enjoy kickbacks; right now there is no rule against an adviser from a mutual fund company encouraging clients to put their money in specific funds sold by that company. In fact, that’s the norm, and the adviser typically receives a commission for the sale.
Conflicts of interest like this cost retirement investors at least $1 billion a month, because the funds they get channeled into underperform the alternatives…
Let the record show that John Carney voted to support the continuation of these blatant ripoffs.
Please tell me again: Why the bleep is he our congressman? It is time for a true progressive to challenge this pathetic Carper clone. We’re supposedly one of the bluest states in the country. Carney, at best, approaches purple.
Not. Good. Enough.
He probably has a good excuse like – they give me lots of money
This is pitiful. According to The Cook Political Report’s PVI rankings only 5 people on that list are in a MORE democratic district than John Carney.
I have an email out to his office to see if he has some kind of explanation for this vote.
This David Sirota article is a must read. It gets to the very heart of why it vital for Carney to not sell out on votes like this.
I’m starting to get the sense that most of our elected officials are more concerned with staying/being in office than enacting a platform their party promotes.
“I’m starting to get the sense” should be in sarcasm font.
Make a point of calling Carney(‘s office) and letting him know that this kind of voting is unacceptable, I did. If Carney only gets one complaining email from Jason and one complaining phone call from em, they will conclude that nobody cares how he just voted. Come on folks get active, Tag, you’re it!
I addressed the staffer who answered as an “aide to the Democratic Rep for DE who allows wants to vote as if he is a Republicon” and asked, “Why is this D voting to weaken Dodd-Frank?” “After all, the law was to prevent the people who caused the financial crash from doing it again” Carney just voted to allow those who stole from us big time, to do the same thing again”
Carney also voted for H.R. 992 — written by Citigroup — that would change the Dodd-Frank rules that required certain types of swaps to be held by non-bank (uninsured by taxpayers) entities. This bill would let those derivatives back into the regulated part of the bank, where taxpayers are on the hook for potential losses.
And according to The Hill, the White House says it will veto the bill El Som talks about above.
Still no comment on this from Carney’s office. They must have knocked off for the weekend by about noon.
BTW, here’s yet another bill where Carney’s craven ‘bipartisanship’ could screw taxpayers:
http://www.dailykos.com/story/2013/11/06/1253600/-J-P-Morgan-may-try-to-reach-into-the-taxpayer-s-pocket-to-pay-its-penalities
The bill would prevent companies facing huge government settlements from taking tax deductions to save millions of dollars in such cases.
Where do you stand, John? John?
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