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Politics : View from the Center and Left

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To: Bread Upon The Water who wrote (115894)	7/20/2009 12:32:57 AM
From: cosmicforce	Read Replies (3) of 541933

>>not fair?<< More like what is the legal basis and precedent for a third party to get the legal right to dictate the asset allocation of a customer? I just don't see the legal basis - IMO, the holder of the 401k has a fiduciary duty and last I checked I didn't give power of attorney to anyone to act on my behalf with my assets. How can I have informed consent if I didn't sign anything? What if, in their infinite wisdom and concern for my own good, move me into a bad asset or fund and these assets become worthless? Can I sue them? It is a financial doomsday scenario, I admit, but I still don't agree that this kind of proactive intervention should be allowed.

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