The Pimps of Wall Street: You Put Up the Money, Take All the Risks and We Middlemen Take 63%

Publisher Marketing: You don't need pimps for great performance ..". that little 2 percent fee will erode 63 percent of what you would have had." John Bogle, Frontline The average investor earned just 3.79% while a simple non-advisor index fund earned 11% over time. Dalbar.com QAIB "Ultimately, a passive index fund managed by a not-for-profit investment management organization represents the combination most likely to satisfy investor aspirations." David Swenson, Yale endowments Warren Buffett knows that Wall Street only appears to be the place to make money. He works in Omaha and said: "The market is a way to transfer money from the impatient to the patient." Wall Street changes it's outfit every season but nothing has really changed. Wall Street exists to make its owners rich. I have been in the financial services business for over 20 years. We make it appear that you investors can make a lot of money by using special charts or doing in-depth analysis. It appears that if you follow the advice of people who appear smart, you can become wealthy very quickly. It appears that you can make a killing by paying for our brilliant strategies. We 'help' you manage your money for fees. But that is only the way it looks to outsiders. Wall Street is really about separating most people from their money. Wall Street is really a pimping operation. The pimps provide attractive promises that create illusions of wealth-building for the "players." The odds of the average trader and investor becoming wealthy from their "play" are very long. The pimps structure the odds so that they can't lose. And if we fail, you taxpayers make us whole! The pimps always take the money FIRST. There are no refunds. Contributor Bio:  Sender, Ian Ian Sender has been a financial services executive for over 20 years. He was a managing director of sales units of securities firms. He is one of the Insiders who contributed to the The Insiders Guides set of buyers' guides edited by Dan Keppel. Ian lives in New Jersey and the Caymans.