The entire wealth management industry is extremely corrupt but no one really realizes this or cares. Case in point: Sometimes you get extremely large fund mana

The entire wealth management industry is extremely corrupt but no one really realizes this or cares. Case in point: Sometimes you get extremely large fund managers like Fidelity buying into absolutely ridiculous investment rounds for pre-IPO companies. Why? Because the hedge funds/VCs, etc will promise Fidelity first grabs at OTHER companies in their portfolio. Like, "if you invest in X now at this ridiculous valuation, we'll let you invest in Y, Z and W as well." I've seen so much of this type of mutual backscratching in hedge funds and PE, but no one seems to care. I've seen some PE companies force one of their portfolio companies to take a very terrible loan that they didn't need at a rate that was terrible. Why? Because the bank would give better deals for their other portfolio companies now and in the future. The people left holding the bag are the investors, and Fidelity and their ilk don't give a fuck, because their AUM is huge, so what if they waste $100M on a shitty investment? SEC turns a blind eye to all these shenanigans and investment bankers make their money and fund managers make money and the only ones left holding the bag are the retail investors.