The 2021 Award for the Most Pathetic Excuse on behalf of predatory hedge funds goes to CNBC and Barbara Roper. Roper, director of investor protection at the Consumer Federation of America (CFA), had this to say about the recent #GameStop trading fiasco, “Your ‘eat the rich’ mentality just took a bite out of the pension funds of working Americans.” Are you fucking shitting me? I mean is CNBC so dependent upon hedge fund advertising that they would stoop to this level? This is like rolling out the bullshit about guns will be taken from you or social security is going to be cut. And if you want to know how deep in the barrel CNBC had to dig to find Roper, here are her qualifications, as reported by Barron’s, for running CFA,
She started at the Consumer Federation of America (CFA) in 1986 with “no background” in finance. A former reporter and art history major, she was hired to write and edit publications for the not-for-profit.
Roper’s not so subtle lying of the burden upon the shoulder’s of micro investors is the epitome of absurdity. Stating that multi-billion dollar pension funds whom pool their money with chummy pals for exorbitant fees, are the victims here is precisely why her organization is backstopped with a loss of nearly $1 Million for the last FY they reported, one can see why she is concerned to protect her $110,000 a year salary. In fact, in FY 2017, they overspent by $727,000+ and in FY2018 — the last filing they have — they overspent by $468,000+. Two thirds of their revenue is spent on personnel, alone! Their most recent tax return is below. Ironically, one of Ropers initiatives is entitled America Saves. Take a read through it with emphasis highlighted,
America Saves is a campaign that motivates, encourages, and supports low- to moderate-income households to save money, reduce debt, and build wealth. The research-based campaign uses the principles of behavioral economics and social marketing to change behavior. Non-profit, government, and corporate groups participate in America Saves nationally and through local, regional, and statewide campaigns around the country.
So, Roper’s working theory is that for decades many of the hedge funds and/or their interests have ladled monies out upon her and CFA and thus because these special interests are being taken to task on unwise and risky investments, this should lay at the feet of those whom beat them at their own game? Moreover, though, where is the corporate and fiscal responsibility of those pension funds when researching precisely how much risk is underpinning their portfolios? I mean above and beyond malfeasance of duty, this stinks to high heaven of perp walking out the poor for doing precisely what CFA said they should do in their America Saves manifesto!
It would be comedic if Roper and CNBC were not so conflicted — CNBC supposedly on reporting unbiased information and Roper for pretending that the poor should invest wisely.
No, CNBC has proven, yet again, that they are willing to publish anything in which enriches their advertisers; Roper has proven, once again, that she should have stuck with blogging; and ultimately as these left leaning rags are demonstrating, the election of President Biden is nothing other than business as usual.