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Huge Ruling!!! SEC to allow 401k's to go all into Leveraged High Risk Hedge Funds

 
centrist77

User ID: 9205966
United States
08/30/2012 10:48 AM

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Huge Ruling!!! SEC to allow 401k's to go all into Leveraged High Risk Hedge Funds
This morning on Bloomberg, it was either Ken Pruitt or Tom Keene said, "This is by far the most foolish decision I have seen in 20 years."

Basically the Jobs Bill created a loophole that was exploited and passed by the SEC that will allow desperate baby boomers can take their 401k and dump the whole thing into a high risk hedge fund. This will create problems that could destroy the economy over the edge.

It is terrible policy to allow people to take tax sheltered retirement money and put in on the equivalent of the vegas craps table..
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Justalittlebad

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08/30/2012 10:52 AM
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Re: Huge Ruling!!! SEC to allow 401k's to go all into Leveraged High Risk Hedge Funds
This morning on Bloomberg, it was either Ken Pruitt or Tom Keene said, "This is by far the most foolish decision I have seen in 20 years."

Basically the Jobs Bill created a loophole that was exploited and passed by the SEC that will allow desperate baby boomers can take their 401k and dump the whole thing into a high risk hedge fund. This will create problems that could destroy the economy over the edge.

It is terrible policy to allow people to take tax sheltered retirement money and put in on the equivalent of the vegas craps table..
 Quoting: centrist77


^^^^^^^

The House always wins.
Justalittlebad/more or less
centrist77 (OP)

User ID: 9205966
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08/30/2012 10:52 AM

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Re: Huge Ruling!!! SEC to allow 401k's to go all into Leveraged High Risk Hedge Funds
When guys on Wall Street start saying a SEC ruling is irresponsible and super dangerous for economic stability, that tells you something.
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centrist77 (OP)

User ID: 9205966
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08/30/2012 10:54 AM

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Re: Huge Ruling!!! SEC to allow 401k's to go all into Leveraged High Risk Hedge Funds
This morning on Bloomberg, it was either Ken Pruitt or Tom Keene said, "This is by far the most foolish decision I have seen in 20 years."

Basically the Jobs Bill created a loophole that was exploited and passed by the SEC that will allow desperate baby boomers can take their 401k and dump the whole thing into a high risk hedge fund. This will create problems that could destroy the economy over the edge.

It is terrible policy to allow people to take tax sheltered retirement money and put in on the equivalent of the vegas craps table..
 Quoting: centrist77


^^^^^^^

The House always wins.
 Quoting: Justalittlebad


Normally these hedge funds are for guys with tons of money they can lose because the funds are ultra high risk. 401k's are supposed to be normally be put into non aggressive funds and you can role them into something safe like gold if you want.
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DigitalGirl

User ID: 11598450
United States
08/30/2012 10:59 AM
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Re: Huge Ruling!!! SEC to allow 401k's to go all into Leveraged High Risk Hedge Funds
This morning on Bloomberg, it was either Ken Pruitt or Tom Keene said, "This is by far the most foolish decision I have seen in 20 years."

Basically the Jobs Bill created a loophole that was exploited and passed by the SEC that will allow desperate baby boomers can take their 401k and dump the whole thing into a high risk hedge fund. This will create problems that could destroy the economy over the edge.

It is terrible policy to allow people to take tax sheltered retirement money and put in on the equivalent of the vegas craps table..
 Quoting: centrist77


^^^^^^^

The House always wins.
 Quoting: Justalittlebad


Normally these hedge funds are for guys with tons of money they can lose because the funds are ultra high risk. 401k's are supposed to be normally be put into non aggressive funds and you can role them into something safe like gold if you want.
 Quoting: centrist77


Good find! 5 stars and pin


Digi
It's no measure of health to be well adjusted to a profoundly sick society.

There is a sign in Munich that says, "Heisenberg might have slept here."

I am old enough to be living in the future I was warned about.
centrist77 (OP)

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08/30/2012 11:10 AM

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Re: Huge Ruling!!! SEC to allow 401k's to go all into Leveraged High Risk Hedge Funds
Thanks Digi, this will be big. Think of all the problems created when everyone's houses fell underwater in price.

Now imagine tons of people, that don't really understand the market, suddenly having no retirement money at all. Its easy to say, thats their choice, but it will fuck the rest of us.
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DigitalGirl

User ID: 11598450
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08/30/2012 11:11 AM
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Re: Huge Ruling!!! SEC to allow 401k's to go all into Leveraged High Risk Hedge Funds
Thanks Digi, this will be big. Think of all the problems created when everyone's houses fell underwater in price.

Now imagine tons of people, that don't really understand the market, suddenly having no retirement money at all. Its easy to say, thats their choice, but it will fuck the rest of us.
 Quoting: centrist77


Agreed. But all things considered, we are already fucked anyway.
It's no measure of health to be well adjusted to a profoundly sick society.

There is a sign in Munich that says, "Heisenberg might have slept here."

I am old enough to be living in the future I was warned about.
Anonymous Coward
User ID: 16693505
United States
08/30/2012 11:32 AM
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Re: Huge Ruling!!! SEC to allow 401k's to go all into Leveraged High Risk Hedge Funds
This morning on Bloomberg, it was either Ken Pruitt or Tom Keene said, "This is by far the most foolish decision I have seen in 20 years."

Basically the Jobs Bill created a loophole that was exploited and passed by the SEC that will allow desperate baby boomers can take their 401k and dump the whole thing into a high risk hedge fund. This will create problems that could destroy the economy over the edge.

It is terrible policy to allow people to take tax sheltered retirement money and put in on the equivalent of the vegas craps table..
 Quoting: centrist77


Do people honestly think they can get their 401K???? Ha Ha You all can't even get them now, let alone when the Markets start crashing!!!


Americans, your 401K's are ALREADY SPENT BY THE GOVERNMENT!!! SORRY TO BREAK IT TO YOU NOW???


bump
Renegade (Me too)

User ID: 21622140
United States
08/30/2012 11:36 AM

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Re: Huge Ruling!!! SEC to allow 401k's to go all into Leveraged High Risk Hedge Funds
This morning on Bloomberg, it was either Ken Pruitt or Tom Keene said, "This is by far the most foolish decision I have seen in 20 years."

Basically the Jobs Bill created a loophole that was exploited and passed by the SEC that will allow desperate baby boomers can take their 401k and dump the whole thing into a high risk hedge fund. This will create problems that could destroy the economy over the edge.

It is terrible policy to allow people to take tax sheltered retirement money and put in on the equivalent of the vegas craps table..
 Quoting: centrist77


But what if we transfer the 401k then pull all monies out? Will it be taxed and penalized? I'd love to get my money out of my 401.
Who is John Galt?
Renegade (Me too)

User ID: 21622140
United States
08/30/2012 11:38 AM

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Re: Huge Ruling!!! SEC to allow 401k's to go all into Leveraged High Risk Hedge Funds
This morning on Bloomberg, it was either Ken Pruitt or Tom Keene said, "This is by far the most foolish decision I have seen in 20 years."

Basically the Jobs Bill created a loophole that was exploited and passed by the SEC that will allow desperate baby boomers can take their 401k and dump the whole thing into a high risk hedge fund. This will create problems that could destroy the economy over the edge.

It is terrible policy to allow people to take tax sheltered retirement money and put in on the equivalent of the vegas craps table..
 Quoting: centrist77


Link?
Who is John Galt?
Mukk1234

User ID: 12272727
United States
08/30/2012 11:40 AM

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Re: Huge Ruling!!! SEC to allow 401k's to go all into Leveraged High Risk Hedge Funds
Link please if you have it.
Anonymous Coward
User ID: 1073423
United Kingdom
08/30/2012 11:45 AM
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Re: Huge Ruling!!! SEC to allow 401k's to go all into Leveraged High Risk Hedge Funds
All your monies are belong to us.

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