Thursday, February 16, 2006

Pentagon to commence 6.8 million dollar financial education program 
The effort will be paid for out of the $12 million dollar fine that First Command had to cough up to securities industry regulators.
The Pentagon, securities regulators and lawmakers from both parties have developed a $6.8 million program aimed at giving the 1.4 million people in the U.S. military and their families reliable financial advice.

Funds for the program will come from a $12 million fine paid by First Command Financial Planning Inc. The closely held brokerage, based in Fort Worth, Texas, agreed to the payment in December 2004 to settle regulators' allegations it used misleading materials to sell mutual funds to military personnel.

The Government Accountability Office in November found that about half a dozen financial services companies used deceptive sales practices to market costly insurance polices and other financial products to members of the armed forces. The GAO urged Congress to protect military personnel from the practices and unsuitable investments.

The program, to be announced today at press conference in Washington, includes an online resource center, financial training, courses on investing at or around military bases and a ``long-term'' media campaign in areas with high concentrations of military personnel.

Hey, Secretary Rumsfeld...need someone to help run it?

Splash, out


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