Enabling looting is the saddest aspect of the newspaper.
"Fidelity study says 401(k)s still pay off" by Associated Press | February 18, 2010
DES MOINES - A Fidelity Investments study shows that contributing consistently to retirement accounts and staying in the market paid off for many, despite volatile markets. But the gain was due more to a commitment to saving than to stock market performance.
Yeah, all your gains are monies you put in. Somehow, Dow is roaring but your pension statements are flat, America. Good old venture capital, 'eh?
Boston-based Fidelity looked at the 401(k) account performance for about 766,000 workers who continued to contribute to their accounts and remained invested from the end of 1999 through the end of 2009. Balances increased an average of 150 percent, climbing to $163,900 from $65,800. But 75 percent of the growth was due to the account holder adding money and matching employer contributions. The rest came from market performance, said Michael Doshier, a Fidelity vice president. The results, he said, show that even if markets are volatile, a 401(k) helps workers stick with a savings plan.
Translation: KEEP GIVING US LOOTERS YOUR MONEY!
Critics want major changes. They say 401(k) plans leaves workers too vulnerable to market losses, which can slash balances....
Critics? What critics?
--more--"
Yeah, they get forgotten awfully fast by the agenda-pushing paper.
Besides, my 401k is gone. Government got their taxes out of it, too!
Only a few dollars left now; however, at least Fidelity found a pot of gold.
"Fidelity earnings rose in ’09; Market rebound, ‘painful’ cost cuts helped lift results" by Beth Healy, Globe Staff | February 26, 2010
Like many of the companies it tracks in other industries, Fidelity Investments is learning to do more with less in a slow economy.
Translation: JOBS are NEVER COMING BACK, America, and YOUR GOVERNMENT and MSM are LYING TO YOU EVEY DAY!!
BALD-FACED LIES right to your face!
The mutual fund and brokerage giant disclosed yesterday that its operating earnings rose 5.2 percent last year, to $2.5 billion, even as revenues slumped nearly 11 percent, to $11.5 billion. The stock market’s comeback in the latter half of the year helped as customer assets grew after the devastating market declines of 2008. But expense-cutting was also a big part of the profit story. Fidelity chairman Edward C. “Ned’’ Johnson III wrote in the company’s annual report to investors that some of last year’s expense cuts, in which the firm laid off 3,000 people, [were] “painful.’’
Not as painful as getting the pink slip.
And then they WENT OUT and MADE MORE BILLIONS in PROFIT!
That hardly seems faithful, does it, worker?
Also see: Fidelity hires away Treasury official
Yup, the REVOLVING DOOR of WALL STREET and WASHINGTON!!!
