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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
Monday, June 30, 2008
SAIC Awarded $13 Million Contract by Defense Finance and Accounting Service
Comtex
SAN DIEGO and MCLEAN, Va., June 30, 2008 /PRNewswire-FirstCall via COMTEX/ ----Science Applications International Corporation (NYSE: SAI) announced today that it has been awarded a contract by the Defense Finance and Accounting Service (DFAS) to support the Financial Management Education and Training program. This single-award, prime contract has a one-year base period of performance, four one-year options, and a contract value of more than $13 million if all options are exercised. Work will be performed primarily in Southbridge, Mass.
Under the contract, SAIC will design, develop, maintain, and instruct a customized financial management education and training curriculum to support the learning needs of the DFAS and DoD financial management workforce.
"We are pleased to continue our successful relationship with DFAS and to help address their future training needs," said Beverly Seay, SAIC senior vice president and business unit general manager. "SAIC has a deep understanding of the program goals and objectives, and we look forward to providing quality services and innovative solutions to help DFAS effectively accomplish their mission."
About SAIC
SAIC is a FORTUNE 500(R) scientific, engineering, and technology applications company that uses its deep domain knowledge to solve problems of vital importance to the nation and the world, in national security, energy and the environment, critical infrastructure, and health. The company's approximately 44,000 employees serve customers in the Department of Defense, the intelligence community, the U.S. Department of Homeland Security, other U.S. Government civil agencies and selected commercial markets. SAIC had annual revenues of $8.9 billion for its fiscal year ended January 31, 2008. For more information, visit www.saic.com.
SAIC: From Science to Solutions(R)
Statements in this announcement, other than historical data and information, constitute forward-looking statements that involve risks and uncertainties. A number of factors could cause our actual results, performance, achievements, or industry results to be very different from the results, performance, or achievements expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to, the risk factors set forth in SAIC's Annual Report on Form 10-K for the period ended January 31, 2008, and other such filings that SAIC makes with the SEC from time to time. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.
Contact: Melissa Koskovich Laura Luke (703) 676-6762 (703) 676-6533 Melissa.l.koskovich@saic.com laura.luke@saic.com
SOURCE SAIC
http://www.saic.com
Copyright (C) 2008 PR Newswire. All rights reserved ********************************************************************** As of Thursday, 06-26-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated an UPTREND on 04-18-2008 for SAI @ $19.64. 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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