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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 / Industrials
Thursday, June 12, 2008
General Moly Announces Results of Annual Meeting
Comtex
LAKEWOOD, Colo., Jun 12, 2008 (BUSINESS WIRE) ----General Moly Inc. (AMEX: GMO) (TSX: GMO) announced that it received approval for all proposals submitted to stockholders at its Annual Meeting of Stockholders, which was held June 12, 2008 in Golden, Colorado.
Stockholders overwhelmingly supported the election of Jean-Pierre M. Ergas, Gary A. Loving, and Richard F. Nanna to the Board of Directors, who will serve for a term of three years. Stockholders also overwhelmingly supported the ratification of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm.
General Moly is a U.S.-based molybdenum mineral exploration and development company listed on the American Stock Exchange and the Toronto Stock Exchange under the symbol GMO. Our primary asset, our interest in the Mt. Hope project located in central Nevada, is considered one of the world's largest and highest grade molybdenum deposits. Combined with our second molybdenum property, the Liberty project (formerly the Hall-Tonopah project) that is also located in central Nevada, our goal is to become the largest primary molybdenum producer by the middle of the next decade. For more information on the Company, please visit our website at http://www.generalmoly.com.
SOURCE: General Moly Inc.
General Moly Seth Foreman, 303-928-8591 (Investors) sforeman@generalmoly.com or Greg McClain, 303-928-8601 (Business Development) gmcclain@generalmoly.com http://www.generalmoly.com info@generalmoly.com
Copyright Business Wire 2008 ********************************************************************** As of Sunday, 06-08-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated an UPTREND on 04-17-2008 for GMO @ $9.86. 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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