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Helping retirement savers isn't like slavery

Let's give Anthony Scaramucci, an economic adviser to Trump, the benefit of the doubt when he compares the fiduciary rule to the 1857 Supreme Court ruling which held that African-Americans were property, not U.S. citizens. If it were me, I would apologize and move on.

By Barry Ritholtz | Updated on October 19, 2016
Scaramucci said, the rule 'could be the dumbest decision to come out of the U.S. government in the last 50 to 60 years…It's about like the Dred Scott decision.' (Photo: AP)

(Bloomberg View) — This past weekend, while waiting in a bank, I happened to overhear a broker from one of the country’s largest firms try to explain to his client why the U.S. Department of Labor’s new fiduciary rule was so terrible.

It was an unpersuasive exercise in self-interest and the client was having none of it. “Why can’t you put my best interests first?,” he asked.

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