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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 / Media
Saturday, July 05, 2008
The Korean firm that opened the Seoul Olympic invites Montrealers to dance with them at the International des Feux Loto-Qu�bec presented by TELUS on Saturday
Comtex
MONTREAL, Jul 5, 2008 (Canada NewsWire via COMTEX) ----Twenty years after its grandiose opening of the Seoul Olympics, the Korean firm Hanwha Corporation extends an invitation to Montrealers, asking them "Shall we dance?" So, Montrealers should slip on their most comfortable shoes and be on their toes! Come tonight, be ready to move to the beat of the cancan, tango, disco, farandole, and even traditional Korean music. And all in the space of the 30 minutes it takes for this third show of the year at the International des Feux Loto-Qu�bec presented by TELUS.
Founded in 1952 as the Korea Explosive Corporation, the conglomerate added a fireworks division in 1964 when the arms race was starting back up just after the Korean War. Today, Hanwha stands out as the country's fireworks leader. Its achievements include remarkable participation at the 2005 APEC summit in Pusan, South Korea.
Tonight, during "Shall we dance?" Hanwha Corporation will only be declaring war on boredom with its fireworks that "dance" to the program's music. As director Cheol-Woong Lee remarked, each shell is carefully paired to the most appropriate piece of music. Interestingly enough, fire master Soo-Won Uhm studied oriental painting before becoming the company's designer in 2003. Inspiration for her works comes from her experience as an artist.
A few scenes from a video interview with Hanwha representatives can be viewed on the Internet at www.internationaldesfeuxlotoquebec.com. The site also lists the 13 pieces of music that will be heard at the La Ronde, including Lord of the Dance, Dancing Queen, and extracts from George Bizet's opera Carmen.
The 24th Edition Features Novelty and Innovation
This year, personalities from Qu�bec's world of art with be closely associated with the International des Feux Loto-Qu�bec presented by TELUS. This week, Guylaine Tremblay will serve as the patron of honour. Jos�e Boudreault will be hosting the evening's activities on the air with Rythme FM.
Technical Details and Ticket Sales
The shows of the International des Feux Loto-Qu�bec presented by TELUS get underway at 10 p.m., whatever the weather. The Jacques Cartier Bridge will be closed to vehicles on show evenings from 8 p.m. to the end of the presentation. Reserved seats can be purchased at La Ronde on the same day (the ticket includes unlimited access to rides and attractions on the site for the entire day), on the Internet www.admission.com, and by telephone at 514-790-1245 or toll-free at 1-800 361-4595. Corporate and group packages are available by calling La Ronde sales at 514-397-7777 or by sending an e-mail to ventes@laronde.com.
Partners
The International des Feux Loto-Qu�bec presented by TELUS would like to extend its sincere appreciation to its valued sponsors and partners for their immeasurable support in terms of producing and publicizing this event: title sponsor Loto-Qu�bec; presenter sponsor TELUS; associate sponsors Minist�re du Tourisme and the SAQ; official broadcaster 105.7 Rythme FM; and partners TVA, Le Journal de Montr�al, the Marriott Château Champlain, Belle Gueule, and Agropur Division Fromages Fins.
About Six Flags: La Ronde is owned by Six Flags, Inc., the world's largest regional theme park company with 21 parks across the United States, Mexico, and Canada. Six Flags Inc. is a publicly traded corporation (NYSE: SIX) based in New York.
SOURCE: International des Feux Loto-Qu�bec presented by TELUS
SOURCE: La Ronde
SOURCE: Six Flags Inc.
Martin Roy, Public Relations Manager, La Ronde, Member of the Six Flags Family, (514) 397-2001, extension 2703, mroy@sftp.com
Copyright (C) 2008 CNW Group. All rights reserved. ********************************************************************** As of Tuesday, 07-01-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated a DOWNTREND on 06-11-2008 for SIX @ $1.85. 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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