March 2, 2011 |
Beware if the firm running your 401(k) plan offers investment "education," the Government Accountability Office says in a new report. Many 401(k) plans offer broad guidance to help workers make investment decisions. The advice typically comes under the rubric of "education" and stops short of recommending specific investments. But what's portrayed as education actually may be a sales pitch, the study says. Many firms that run 401(k) plans have financial incentives to push certain investments.
CALIFORNIA | LOCAL
August 6, 2010 |
California's two U.S. senators and several local House members Thursday called on Congress' investigative arm to launch a sweeping probe into the Forest Service's response to last summer's disastrous Station fire. In asking for the investigation by the Government Accountability Office, which typically grants such requests, the lawmakers recommended a broad examination of the Forest Service's decisions and tactics. Those include the use of aircraft early in the fight and the question of whether everything possible was done to protect homes that burned in Big Tujunga Canyon.
April 22, 2010 |
A new report by undercover government investigators bolsters longstanding concerns that companies promising to help consumers overwhelmed by credit card and other debts often turn out to be financial predators that charge high fees but deliver little or nothing in return. When investigators for the Government Accountability Office posed as distressed consumers seeking help, so-called debt management companies gave them wildly exaggerated descriptions of the firms' success rates and sometimes promised savings of as much as 50 cents on the dollar, Gregory Kutz, the GAO official who ran the investigation, told Congress on Thursday.
April 7, 2010 |
The federal agency responsible for overseeing oil drilling near the coast of Alaska was rebuked by government overseers Wednesday for failing to share potentially important environmental information with all staffers drafting policy on oil and gas development. The Government Accountability Office, in a report to Congress, also criticized the federal Minerals Management Service's Alaska office for failing to adopt a set of comprehensive guidelines for determining whether proposed developments comply with federal environmental law. Reviewers found that much data on proposed oil development -- some of which oil companies consider proprietary -- is distributed only on a "need to know" basis and doesn't reach all staff analysts reviewing projects.
February 11, 1995 |
Record-keeping was in such a mess at the National Park Service that congressional investigators found a vacuum cleaner valued on the agency's books at $800,000 and a fire engine at one penny. The Park Service doesn't collect enough information to tell where its limited resources can be best spent to protect the federal property it oversees, according a report by the General Accounting Office, Congress' investigating arm.
July 1, 1992 |
The head of the General Accounting Office said Tuesday that he is "deeply troubled" by efforts of the banking industry and the Bush Administration "to weaken" new bank regulatory reforms. Comptroller General Charles A. Bowsher has become increasingly outspoken in his attacks on what he views as dangerous efforts by the Bush Administration to undercut the work of financial regulators.