Bending the Third Rail
Because We Should, We Can, We Do
Thursday, March 16, 2006
Hunting Permits Here
Apparently it's Open Season on the American poor.

NEW YORK (Reuters) - H&R Block Inc. (NYSE:HRB - news) the largest U.S. tax preparer, fraudulently marketed retirement savings plans that caused hundreds of thousands of mostly low-income clients to lose money, New York State Attorney General Eliot Spitzer charged in a lawsuit filed on Wednesday.

The suit seeks $250 million in fines plus refunds after H&R Block steered roughly 500,000 tax return customers to invest in individual retirement accounts, but failed to disclose high hidden fees that actually outpaced interest earned on the accounts, the attorney general said.

As a result, about 85 percent of these customers lost money, Spitzer said.

I've like Eliot Spitzer for quite some time. He's tenacious.