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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.
Home / Markets / Industries / Finance
Wednesday, May 28, 2008
DeVry Inc. Names Eric Dirst Chief Information Officer
Comtex
OAKBROOK TERRACE, Ill., May 28, 2008 (BUSINESS WIRE) ----DeVry Inc. (NYSE: DV), a global provider of educational services, announced today the appointment of Eric Dirst to the position of chief information officer. Mr. Dirst will report to Daniel Hamburger, DeVry's president and chief executive officer.
Mr. Dirst joins DeVry from SIRVA Inc., a global provider of relocation and moving services for consumers, corporations and governments. SIRVA's brands include Allied International, Allied Van Lines, North American Van Lines, and SIRVA Relocation. While at SIRVA, Dirst served most recently as vice president and chief information officer where he was responsible for streamlining business processes, consolidating operations and maximizing ROI. Under Mr. Dirst's leadership, SIRVA was named to CIO Magazine's Top 100 Innovative Organizations in 2006 for its effective use of IT to create business value.
Prior to SIRVA, Mr. Dirst held senior positions with firms including IQ4hire Inc., KPMG Peat Marwick, and Covansys, a NASDAQ company which was acquired by Computer Sciences Corporation (CSC) in 2007.
"Eric brings a wealth of talent and expertise to our senior management team," said Daniel Hamburger, president and CEO, DeVry Inc. "We will benefit from his vast experience and successful track record of helping enterprises derive maximum value from their technology investments."
"DeVry Inc. continues to break new ground and reinforce its position as a leader in career-focused education," said Eric Dirst. "I am thrilled to be joining such a talented management team, and look forward to helping contribute to the company's continued growth and success."
Mr. Dirst earned bachelor's degrees in Business Operations Management and Applied Computer Science from Northern Illinois University. He is also a Governing Body member of the CIO Executive Summit, and a member of the CIO Leadership Network and the Midwest Technology Executives Club.
About DeVry Inc.
DeVry Inc. (NYSE: DV) is the parent organization of DeVry University, Advanced Academics, Ross University, Chamberlain College of Nursing and Becker Professional Review. DeVry University, which includes Keller Graduate School of Management, offers associate, bachelor's and master's degree programs in technology, healthcare technology, business and management. Advanced Academics provides online secondary education to school districts throughout the U.S. Ross University offers doctoral degree programs through its schools of Medicine and Veterinary Medicine. Chamberlain College of Nursing offers associate and bachelor's degree programs in nursing. Becker Professional Review, which includes Becker CPA Review and Stalla Review for the CFA Exams, provides professional education and exam review for accounting and finance professionals. For more information, visit http://www.devryinc.com.
SOURCE: DeVry Inc.
DeVry Inc. Investor Contact: Joan Bates jbates@devry.com 630-574-1949 or Media Contact: David Gutierrez Dresner Corporate Services dgutierrez@dresnerco.com 312-780-7204
Copyright Business Wire 2008 ********************************************************************** As of Saturday, 05-24-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated a DOWNTREND on 05-19-2008 for DV @ $53.63. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
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