Following the economic meltdown in 2008, Congress has been debating financial reforms that are way overdue. If the fact that the U.S. government had to bail out most of the big banks and Wall Street firms is not evidence enough, you need only look at the proposed bonuses for employees of many of these same firms to see that changes need to be made.
Where did all of the money for these bonuses come from anyway? Of course, it came from the same people that have been dealing with the aftermath of the worst economic crisis in generations. The ones dealing with and affected by the unemployment and reduced job security, reduced retirement savings, reduced home values and other economic hardships caused by the lending and investment practices of these same banks and Wall Street firms.
Do you know how much money is drained from your 401(k) plans in fees, expenses and loads? If you do, you are very good at reading and understanding that 40-page prospectus that you get each year and then using a calculator to try and figure out what you are paying. You may have lost value in your 401(k) plan, but you can bet the investment firms still made plenty off of your money, and they don't even have to tell you how much.
You can see how much taxes are withheld on your paycheck for state, federal or Social Security. You may not like it, but you can see it. As everyone gets their yearend 401(k) statements, take a look at them and see if you can tell how much you paid to have your money in these plans. Good luck! Why can't we know how much we are paying? It is time to make some changes.
The Political Action Committees have been running Congress, and it is time for us to let Congress know that we want financial and banking reforms. The fact that the banking and investment industry is largely responsible for this crisis and now wants to reward their employees with bonuses that equate, in many cases, to an average of over $100,000 for every single employee makes me angry. If it makes you angry, please contact your representatives and ask them to back reforms for our banking, lending and investment industries that make sense.
ALAN C. ROSS
Woodbridge
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