Wednesday, July 25, 2007

A matter of faith 2

On LLNL:The Corporate Story, I have read commenters saying that financial advise comes free at my bank.

If you have $100,000 in the bank and the expected rate of return is 8% but the bank gives you only 2% interest, where does the missing $6,000 go?

And you wondered how the bank could afford such a nice building and how your adviser could buy such a nice car.

Where I grew up, paying someone $6,000 a year to hold my own money was not considered free.

Actually, where I grew up Joey the Knife and Jimmy the Fish were more than happy to hold your money while you paid them to do it.

Just a thought.

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