October 10, 2009 10:34 AM

I agree Wall Street is rigged!! I am a former Securities broker with a Mutual Fund focus. When I started in the early 80s these were sensable investments. Now they are the driver of financial services fraud. How you ask? Simple when you invest in mutual funds (no matter how IRA,401k,strait up purchase) you own stock. You have no direct vote regarding the pay and or boards of directors of the stock companies. They also tend to have the same directors as the mutual funds. They pay themselves outrageous incomes. They have also perverted the mutual fund choices buy creating so many funds that have hidden fees it would also make more sense to just direct invest. Brokers no longer offer advice. What is the purpose of a broker then? They have shed any responability for the choices recomended. The whole mkes no longer makes any sense. Any one who really believes that Wall Street is bringing someething to the American economy is