One part of the SEC’s comment section has become a battleground for mutual fund managers and their investors.The section is a call for comments on one of the SEC’s proposed legislations, new caps on mutual fund 12b-1 fees, which are annual fees charged to investors on the amount they have invested in a mutual fund. The proposal also suggests enhanced disclosure requirements.
The mutual fund industry on whole seems to hate the proposal. And angry investors (along with completely unrelated people who just hate the greedy financial industry) are fighting back.
Hundred of commentators have written in. Everyone has something to say about it. The comments section has even been spammed (we think).
So as part of our ongoing coverage of the epic Battle Over Mutual Fund Fees, we’ve picked out the most hilarious moments.
'Do you think clients don't know advisors are paid? Will banks have to tell account holders how much they profited from their savings deposits and loans over the percentage? Where does it stop? Should we know how much the gas station owner is making on each gallon?'
'I am appalled by the number of so-called professional financial advisor commenters who cannot even correctly spell words in their one or two sentence submissions. The gist of their collective concern is that they won't be paid indefinitely for their advice if 12b-1 fees are replaced. Hallelujah. It's about time they left the gravy train.'
'I feel like I have been screwed royally by most of the 'manipulators.' I believe that the individual has been, is now, and will always be at the mercy of the 'manipulators' ... Big business get all the breaks. Where's our break? I forgot, when we're broke we might get to get free soup.'