Tuesday, December 20, 2005

Ripoff Targets Military

A ripoff to warn your military friends about:

Many of America’s soldiers and sailors have been ripped off by investment salespeople who are allowed onto military posts and bases. The soldiers are usually quite young and are brought into sessions with officers and these salespeople. The soldiers are then coerced into investing in mutual funds that have 50 percent commissions. It has become a big story in Washington, but some of our troops still don’t know about it. The GAO (Government Accounting Office) has just written a report about what a ripoff these plans are. Some people in the Senate say they will outlaw these people coming on bases. But in the meantime, we’re letting our servicemen and women get ripped off. These are unholy alliances between officers and the salespeople, and it’s shameful. If you have a relative or friend in the military, be sure to warn that person about these vultures. Military folks have access to a TSP (Thrift Savings Plan), which has very low costs and no commissions. It’s the kind of investment our soldiers need.

via ClarkHoward.com

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