The 401(k) skimming scam

The real problem with 401(k) plans has nothing to do with the current market meltdown. These plans are set up to benefit employers and the mutual fund industry. They profit in every kind of market. It's employees who are the losers.

Current hearings before the House Education and Labor Committee are unlikely to solve the problem because Congress has traditionally been unwilling to take on the powerful securities industry lobby. Committee Chairman George Miller correctly observed that these plans are a "high-stakes crap shoot", but that is the tip of the iceberg.

The 401(k) system is rotten to its core.