For the many who cannot or will not buy the NBR, Gareth Morgan has kindly re-posted his vicious fisking of the $60 billion savings, retirement and insurance industry.
In Part One, GM outlines how the asymmetric information war is lorded over the novice investor by the MNCs and shows the Securities Act provides about as much consumer protection as a G-string in a gang rape. Part Two introduces the Zombie Fund, where reserves provide latent cash cows for the wunch of bankers.
If Labour want a vision thing that will assist in the uptake of Kiwisaver, a spring clean of the finance industry would benefit the middle classes whom they so desperately need to impress.
