OPINION: “If we are going to use our 401(k)s for exciting wager, why stop at NFTs and ‘Ponzi coin?’ Why not lottery tickets? Should I be able to take my 401(k) to Saratoga Springs to wager it on the horses?”
Senators Pat Toomey, Tim Scott and Peter Meijer have just proposed a bill in Congress that would allow 401 plans to stretch beyond traditional investments like stocks and bonds.If their Retirement Savings Modernization Act became law, 401 plans could start offering not just things like commodities, but even “hedge funds,” “venture capital,” “digital assets” , and — literally–“any fund, commingled account, or pooled investment vehicle that invests in any investment.
The senators, announcing the bill, say it would “bolster Americans’ retirement savings by allowing workers to diversify assets.” Meanwhile venture capital, private equity, and hedge funds often produce absolutely terrific financial returns—so long as you are one of the people actually running them, and pocketing the huge fees.
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