The newest FITE newsletter outlines yet another reason to worry about Kerry.
FITE (Fairness In Taxes for Everyone): email newsletter #14
We shine the spotlight on one of Senator Kerry’s promises to protect us against criminals that embezzle the retirement funds of our current and future senior citizens. First, some background.
Congress has actually HELPED Wall Street criminals to embezzle billions each year from the mutual funds where half of all Americans save for retirement and hard times. WE DO NOT EXAGGERATE. We rely on numerous Wall Street Journal articles for our information.
We wrote back in November that the embezzlers weren’t just “skimming” mutual funds as the media had been reporting. It’s more accurate to say they were PLUNDERING these funds where working Americans put their hard earned retirement savings.
Only now are newspapers starting to report the staggering amounts embezzled. With investigations hardly beginning, the estimate so far is $5 billion every year. We won’t be surprised to see bigger estimates down the line as they investigate more firms.
Our own Senator Kerry is TALKING tough on this issue. He proposes to use the so-called RICO statutes against them. These are laws designed to go after organized crime.
We regret to say it’s all show. This and other measures he proposes can’t be effective, and he no doubt knows it. Here’s why:
We need stock market police to catch stock market criminals. The best way to HELP these criminals is to never provide the money to hire enough police. And that’s what Congress has done. Back in 1993, the outgoing head of the agency in charge of these police, the SEC, pleaded for more funding to catch the criminals plundering mutual funds. If Congress had done the right thing, we would not today have a mutual fund scandal. But he was flatly refused. Kerry was there; he knew. Yet there is not one word on his web page about increasing funding for stock market police.
Why? The ultra rich, of course. As one insider said of the mutual fund lobbyists, “You’re talking about people that were pretty wealthy. They had influence. Influence on the Hill, and influence with the staff.” The ultra rich went on to embezzle the retirement funds of seniors and future seniors.
Without the strength of a mass movement behind him, Kerry dares not propose more enforcement. We need to build FITE so he and others can move against the ultra rich embezzlers.
Do you want to know more about the embezzlement of the stock market in the 1990s that our politicians did their best to HELP? Trillions were stolen – enough to fund social security, get universal health care coverage, invest in a program to get energy independence in 10 years and more.
We don’t shock easily. Politicians are politicians. But the size and boldness of this embezzlement shocks us. Our information comes from the Wall Street Journal, Forbes Magazine, Business Week, and books and articles from respected experts. http://www.FairnessInTaxes.org, “How the Mega rich Embezzled America.”