Quote:
Originally Posted by macker
There are actually many points that I do agree with. I won't get into them but I will say that my basic premise was that people are going to start to take a closer look at mutual funds and hedge funds (and possibly avoid them?) when trusted institutions such as Mackenzie Financial are caught charging a 3.28% MER plus a 2.5% Management fee to invest with the one and only Bernie Madoff. Here is what the fund performance was like even before Bernie rolled out of the closet. http://www.morningstar.ca/globalhome/quicktakes/fund_overview.asp?fundid=7650
A 5.78% fee for this? What other system could this kind of scam occur in? I have yet to hear about a mechanic that has pulled off 50 Billion. It is not a personal attack on your business but it is a lack of trust for a system that could allow this kind of scam to hurt pensioners, accredited investors and the like. This one is worth taking a closer look at! That's all.
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Right, but coming full circle the problem is that you can't pile on an entire industry because one guy does something unethical. We all know that there are mechanics who replace parts that they shouldn't, or take advantage of the housewife who doesn't know a sparkplug from an alternator...but that is no reason to stop using all mechanics.