In The Morning News

MarketWatch: Workers Unaware Of Costly 401(k) Fees
Marshall Loeb warns readers about "hidden fees in your 401(k)" which "can be levied on your account year after year," according to "money columnist Albert Crenshaw for AARP magazine, for everything from money management to record keeping." But "only a handful of workers appears to understand what's going on. According to a poll sponsored by AARP, 83% of workers don't know how much they pay in such fees -- and most do not realize they pay any fees at all." Thankfully, "the U.S. Department of Labor has proposed regulations that would require that workers receive clear and complete explanations of the fees imposed on their 401(k) accounts."
Forbes: Medicare Advantage Seen As Costly Mistake
David Whelan writes that "here's one of the very few things all three presidential candidates agree on: that the program has been an expensive boondoggle. It could face the scalpel of a new Administration in Washington, and those companies would pay the price." The idea of private companies providing Medicare services once seemed "a decent idea for curbing health care inflation," but "opponents counter that the $95 billion budgeted annually for private Medicare is $10 billion more than government-run Medicare would spend. The Kaiser Family Foundation says as a result Medicare's coffers could be depleted two years earlier, by 2018." Whelan asks, "What went wrong?" A "2003 law hiked the payments to lure more insurers into the market," and some minimum payments "reached as much as 128% of the amount Medicare traditionally spends per patient. Insurers rushed in, and costs soared."
AP: Senate Rejects House Bankruptcy Bill
"A measure billed as boosting the slumping housing market showers money-losing businesses with $25 billion in tax relief in the next few years but offers just $3 billion to homeowners." During the debate over the housing bill, the "highlight was a 58-36 vote to kill a Democratic plan, opposed by banks and their GOP allies, to change bankruptcy laws to give judges the power to cut interest rates and principal on troubled mortgages to help desperate borrowers trapped in subprime mortgages keep their homes. Proponents say that would give borrowers duped into abusive mortgages leverage in getting their loan terms adjusted."

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