Even Harsh Frontline Program on Retirement Investments Understates How Bad They Are

Wall Street must get indigestion every time Frontline rolls out another program showing the depths of its chicanery. The only problem is the industry deserves much worse punishment.

The latest report, The Retirement Gamble, focuses on the scams in the retirement industry, the retail brokers and asset managers who sell products to 401 (k)s and other tax exempt plans. Anyone who knows this arena will find that the report covers familiar terrain. But the appalling fact remains that ordinary Americans who don’t have the time or interest to be full time investors but want to take prudent steps to prepare for retirement are systematically fleeced by the industry. And due to the time limits and complexity of the terrain, the program can hit only on some important issues.