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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, July 07, 2008
Baron & Budd Attorney Denyse Clancy Speaks at International Mesothelioma Program's First Annual Harvard Medical School Course
Comtex
DALLAS, July 7, 2008 /PRNewswire via COMTEX/ ----Denyse Clancy, an attorney and shareholder with the Dallas-based law firm Baron & Budd, P.C., spoke at the International Mesothelioma Program's First Annual Harvard Medical School Course, entitled Surgery-Based Multimodality Therapy for Malignant Pleural Mesothelioma. The program was held in Dallas on June 13 and 14.
The program was designed to update thoracic surgeons and other medical professionals about current diagnostic criteria and treatment options available for patients with pleural mesothelioma, a rare, asbestos-related cancer that attacks the lung's lining. It was co-sponsored by the American Association for Thoracic Surgery.
Ms. Clancy spoke with the group of medical professionals about how medical research articles are understood and applied in the courtroom -- sometimes in ways not intended by the scientist authors. Her words provoked lively discussion among the doctors and research scientists present, including questions about the scientific community's responsibility to anticipate the legal applications of their words.
Baron & Budd has a long-standing relationship with the International Mesothelioma Program (IMP). As a member of the IMP's Executive Advisory Board, the law firm is in regular contact with the IMP to remain abreast of mesothelioma research updates affecting treatment options. Baron & Budd was invited to become a member the Executive Board because of our experience and commitment to working with people with mesothelioma. Baron and Budd was the first and remains the longest-standing member of the IMP Executive Advisory Board.
About Baron & Budd, P.C.
Since 1977, the law firm of Baron & Budd, P.C. has championed the rights of people and communities harmed by corporate misconduct. With 49 attorneys and offices in Texas, California and Louisiana, Baron & Budd enjoys a national reputation as a leader of the plaintiffs' bar. The firm represents individuals with mesothelioma and other diseases caused by asbestos; leukemia caused by benzene; injuries caused by other toxic substances and unsafe pharmaceuticals; water authorities seeking clean-up costs for drinking water contamination; securities investors defrauded by corporate wrongdoing; and consumers in class actions.
Susan Knape, 1-244-521-3605 sknape@baronbudd.com
SOURCE Baron & Budd, P.C.
http://www.baronandbudd.com
Copyright (C) 2008 PR Newswire. All rights reserved
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