Set forth below is the text of a comment that I recently posted to another blog entry at this site:
“Why did we adopt laws against financial fraud but to impose a requirement that people in the investing advice speak with at least a minimum level of honesty?”
Financial fraud requires a fiduciary relationship. Look it up. Does Wade manage your money? Anyone else’s? Then he can legally lie through his teeth from now till doomsday.
I don’t think he can. I think you are wrong.
Juries will decide the matter, Stagnation.
If our economic system is going to survive, we are going to have to find a way to provide access to honest reports on the last 34 years of peer-reviewed research to millions of middle-class investors.
I am highly confident that we will figure something out. The laws against financial fraud are on the books and it makes perfect sense for us to use them.
Wade doesn’t manage my money but lots of people who advocate Buy-and-Hold DO manage money. So those people are guilty of financial fraud. And Wade is certainly helping them continue the cover-up. Wade knows about the cover-up. He talked to me about it in e-mails that I have reported on at this site. Wade liked the idea of posting honestly on safe withdrawal rates and lots of other subjects until he learned that the penalty for doing so was career death. Then he agreed to aid the cover-up. And you’re saying that that’s not financial fraud? Huh? It’s be biggest case of financial fraud in the history of the United States.
The bottom line is whether your word games will convince a jury filled with people who have lost their life savings as a result of this massive act of financial fraud. I know which side I want to be perceived to be on when that day comes. So I am going to continue posting honestly re SWRs and lots of other critically important investment-related topics. This boy ain’t going to prison following the next price crash. No way,no how.
I hope that works for you.
That’s the way it is going to be in any event.
My best wishes.