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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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Friday, May 16, 2008
Bipartisan Iraq Reconstruction Provision Authored by Nelson, Bayh, Collins Included in Iraq Supplemental Markup
Comtex
WASHINGTON, May 16, 2008 /PRNewswire via COMTEX News Network/ ----Language Requires Iraq to Pay for Reconstruction and Training
WASHINGTON, May 16 /PRNewswire-USNewswire/ -- Heralded as the first bipartisan effort to change our Iraq policy, a provision authored by Senators Ben Nelson, Evan Bayh and Susan Collins has come one step further to transferring financial responsibility for reconstruction and some operations costs from the U.S. taxpayer to the Iraqi Government. The provision was included in the Senate Appropriations Iraq War Supplemental markup today.
"The blank check era for Iraq is coming closer and closer to its end," said Senator Nelson. "This language included in the supplemental requires Iraq to take more responsibility for its own reconstruction. With the United States and Iraq sharing the burden of the immense costs associated with rebuilding, the strain on the American taxpayer will be eased and Baghdad will have more of an investment in its future."
"There is no reason why the Iraqis cannot bear more of the cost of securing, stabilizing and rebuilding their country," said Senator Collins. "No more American funds should be spent for major reconstruction projects. The costs of the salaries for the Sons of Iraq, for the training and equipping of the Iraqi security forces, and for other costs such as the fuel we use in Iraq should be borne by the Iraqis. It is really difficult for Americans who are struggling with the high cost of energy to pay these costs in a county that has the second-largest oil reserves and a burgeoning budget surplus."
"We are sending our hard-earned American dollars down a black hole in Baghdad," said Senator Bayh. "While the Iraqi government is swimming in black ink, the United States government is drowning in red ink. Our first priority is to the American people. It's time to stop payment on these blank checks to Baghdad."
Under this provision, use of United States taxpayers' funds for major reconstruction projects in Iraq will be banned and Iraq will be required to cover all or part of the costs of small scale reconstruction projects, joint missions with coalition forces and training and equipment for their own troops. Large scale projects are defined as any reconstruction project costing over $2 million.
The provision bans United States funding for major infrastructure projects in Iraq, and requires Iraq to obligate Iraqi funds for reconstruction projects before any future U.S. aid for reconstruction is obligated. The language also requires the President to craft a cost sharing agreement with the Iraqi Government for Coalition-Iraqi combined operations in Iraq as part of Operation Iraqi Freedom. The provision also shifts the costs of the salaries, training, equipping, and sustaining of Iraqi Security Forces along with the costs associated with the Sons of Iraq to the Iraqis.
The Senate Appropriations Committee completed and approved the 2008 Iraq War Supplemental markup Thursday evening. The bill is expected to be considered by the Senate next week.
SOURCE Office of Senator Susan Collins
http://www.collins.state.gov
Copyright (C) 2008 PR Newswire. All rights reserved
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