Financial Advisers Want to Rip off Small Investors. Trump Wants to Help Them Do It

ONE OF THE most important investor protections in decades took effect on June 9. The new rule, issued by the Department of Labor, sets in motion a seemingly commonsense requirement that those who advise on retirement investments must put their clients’ interests ahead of their own. Yet it marks a revolution in retirement security, the result of an epic seven-year battle between consumer advocates and the financial industry that sunk millions of dollars into white shoe lobbying firms, industry-sponsored studies, congressional campaign contributions, and major lawsuits in an effort to block the rule.

You can read my story about the DOL’s fiduciary rule in The Intercept here.

Trump, Wall Street, Strive to Make Securities Fraud Great Again

The president who told us he’d have the backs of the “forgotten man and woman” is turning out to be Wall Street’s best friend. Donald J. Trump has asked the Department of Labor to examine a pro-investor DOL rule to see if it might be reducing investor access to retirement products — the same sorry argument that Wall Street has been spouting.

The “investor access” thing largely comes down to this: Force stockbrokers to sell products that are investors’ best interest, and they may have to stop selling stuff that’s bogus, risky, ill-conceived, or all of the above. And that would be terrible. For your stockbroker. You can read about it my latest column for TheStreet, here.