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It's time to let you in on a dirty little secret: You may not own the stock you own. That's right, if you invest with a brokerage firm, the shares you bought are almost certainly not held in your name. Technically, they're held in the name of the Wall Street firm you do business with, hence the term "street name."
No, you haven't been robbed. Ultimately, the decision to hold shares on the books under a different name doesn't affect the economic ramifications for you. You¿re listed as the "beneficial owner," even though the firm is the official owner of the shares. But, you are giving up some rights, and investors concerned about good corporate governance might want to get that stock back in their own names.
Here's the problem: If your stock is technically owned by, say, Merrill Lynch, then Merrill Lynch gets to do things with it that might work against your wishes. Take short selling. Investors who want to sell shares short need to first borrow those shares. The lenders are often the big Wall Street firms that are handing out Street-name shares. So, if you feel that a company you own is a victim of aggressive short selling, chances are your own shares are being used to fuel the shorting.
Also, your brokerage firm can cast ballots on some corporate matters affecting a company without getting your input. Technically, this can only happen in votes considered ¿routine¿ by securities regulators. But, there's a big catch: some big events, like board elections, are considered "routine" under law.
The good news is that you can easily fix the Street name problem: Just request that your brokerage firm makes you the listed owner of the shares. If they refuse, find a new firm.
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Monday, June 30, 2008
ADL: Pat Buchanan Promotes New Book on Racist Radio Show
Comtex
NEW YORK, June 30, 2008 /PRNewswire-USNewswire via COMTEX/ ----The Anti-Defamation League (ADL) today said conservative political commentator Pat Buchanan "stooped into the cesspool of extremism" by appearing on a radio show run by a well-known white supremacist.
On June 29, Buchanan appeared on "Political Cesspool," a Tennessee-based AM radio show run by white supremacist James Edwards, to promote his book, Churchill, Hitler, and the Unnecessary War: How Britain Lost Its Empire and the West Lost the World.
"While parading himself as a moderate, to sell his book Pat Buchanan has stooped into the cesspool of extremism," said Abraham H. Foxman, ADL National Director.
Edwards regularly invites anti-Semites, neo-Nazis, white supremacists, Holocaust deniers and conspiracy theorists to voice their views on his show. It was Buchanan's second appearance on the program, which is also available via the Internet.
"It's not as if he did this by accident," said Mr. Foxman. "Anyone who would have made inquiries into the nature of this program would have realized that it is an outlet for racism, anti-Semitism and hate."
During the interview, Buchanan posited that World War II was unnecessary and that the British "blundered ... to bring about a war with Germany," a war that Hitler did not want. Buchanan also stated that, "Had there been no war, there would have been no Holocaust."
Buchanan, who has a long history of racist and anti-Semitic comments, defended the American aviator Charles Lindbergh against charges of anti-Semitism, saying that "...his reputation has been blackened because of a single speech he gave and a couple of paragraphs in it where he said that ... the Jewish community is beating the drums for war ... but frankly, no one has said what he said was palpably untrue."
The Anti-Defamation League, founded in 1913, is the world's leading organization fighting anti-Semitism through programs and services that counteract hatred, prejudice and bigotry.
SOURCE Anti-Defamation League
http://www.adl.org
Copyright (C) 2008 PR Newswire. All rights reserved
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