Insane compliance, a whole new fiduciary world, and bad news for index funds
You may not remember this, but several months ago the SEC penalized three AIG affiliates $7.5 million for charging $2 million in extra 12b-1 fees as a result of directing
“The SEC systematically failed to enforce for the past two decades, and now the DOL has by necessity forced the issue.”
Here’s the raw, uncut interview with the straight talking industry giant who was on to “fiduciary” before we even knew what it was.
We hold these fiduciaries to be self-evident… This is not the beginning of the end, it is the end of the beginning…