In 2008 when the Fed lowered the savings rate to virtually zero, the retirees were severely hurt. To add insult to injury:
Swaps Probe Finds Banks Manipulated Rate at Expense of Retirees
See: http://www.bloomberg.com/news/2013-08-02/swaps-probe-finds-banks-manipulated-rate-at-expense-of-retirees.html
I will soon be writing about “Truth in the Transaction”. It’s time.
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