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I'm speechless..just speechless..restitution for high risk investments that had little to no protection ? I imagine there's SIPC but that certainly won't pay the billions lost.
Someone needs to speak up about all the 401K's that have lost money and seek restitution.
snippet:
"Hedge fund trade association the Alternative Investment Management Association (Aima) called on Monday for restitution for investors caught out by an alleged $50 billion fraud at New York hedge fund firm Madoff Securities.
..
For decades the $1.5 trillion hedge fund industry has avoided the strict rules imposed on mutual funds as their managers argued that their clients were wealthier, more savvy investors who required less protection."
Someone needs to speak up about all the 401K's that have lost money and seek restitution.
I think this is different:
401Ks are invested in pretty transparent financial instruments, unlike hedge funds
Investment choices are made by the account holders
losses are a result of equities and bonds falling in price (with fund expenses and churning on the side), not wholesale criminal fraud
As far as hedge funds go, it's thorny. Is there room for an investment industry that enjoys lower levels of regulation and transparency and caters to wealthier clients who can tolerate higher risk? I would say yes.
But then you may see A) odd market manipulations, B) pensions and charities invested in hedge funds, C) potential for vast fraud and deception, and D) cries for bailouts when things go south.
Location: where you sip the tea of the breasts of the spinsters of Utica
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I certainly don't mind if people want to invest in hedge funds. But if they try to make up their losses by stealing money from me, they're likely to end up swinging from the nearest tree branch.
Why is it if they make money all is good but if they lose money then "someone" has to pay them back.
High risk has its rewards and pitfalls.
Shadow banking at it's finest here folks...those were smart investors and didn't need strict rules.
Fine by me. Just don't come crying to Uncle Sam or the Regulators when you lose your shirt.
Well they should go to SIPC if that fund was indeed insured and if not then sue the firm for fraud.
In no way should they be on the air "demanding restitution from someone".
Even the rich can lose their money overnight..join the crowds on Main Street..we've been losing our money for over one year now and no one is going to give it back to us.
They were on TV yesterday, demanding that someone make them whole for their losses.
I saw that. Sorry, no sympathy here!
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