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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 / Retail
Thursday, June 26, 2008
Dr Pepper Snapple Group Wins 'Be My Bridesmaid' eBay Auction and Promises Bride-to-Be Kelly Gray $10,000 for Her Dream Wedding
Comtex
PLANO, Texas, June 26, 2008 /PRNewswire-FirstCall via COMTEX/ ----Always a bridesmaid, never a bride, Dr Pepper Snapple Group (NYSE: DPS) has won the coveted honor of "standing up" to support Kelly Gray and her fiance Karl Gau at their April, 2009 wedding in Virginia Beach, Virginia.
"Weddings are about families, and we have a large one ... more than 50 different brands from Dr Pepper to Rose's Mojitos," said Greg Artkop, spokesperson for Dr Pepper Snapple Group. "In fact, you can find us behind the bar at most weddings, so we're looking forward to being up at the altar for once."
Daunted by the high cost of hosting a wedding, the 23 year-old hairdresser put her last available bridesmaid spot up for sale on eBay to help offset some of the financial burden. In a show of solidarity with the soon-to-be- betrothed young couple, Dr Pepper Snapple purchased the spot for $5,700. However, the company felt Kelly deserved more for being so creative and surprised her by upping their bid to $10,000 after the auction had ended.
"We're glad the wedding is next April, because much like a bride-to-be, it takes some time to plan that special day," said Artkop. "We're planning some exciting surprises and we can't wait to share them with the happy couple. In the meantime, drinks are on us!"
For more information about Kelly's newest best friends forever, please visit our family of brands at http://www.drpeppersnapple.com.
About Dr Pepper Snapple Group
Dr Pepper Snapple Group, Inc. (NYSE: DPS) is an integrated refreshment beverage business marketing more than 50 beverage brands to consumers throughout North America. In addition to its flagship Dr Pepper and Snapple brands, the company's portfolio includes 7UP, Mott's, A&W, Sunkist Soda, Hawaiian Punch, Canada Dry, Schweppes, Squirt, RC Cola, Diet Rite, Penafiel, Rose's, Yoo-hoo, Clamato, Mr & Mrs T and other well-known consumer favorites. Based in Plano, Texas, Dr Pepper Snapple Group employs approximately 20,000 people and operates 24 bottling and manufacturing facilities and more than 200 distribution centers across the United States, Canada, Mexico and the Caribbean. For more information, please visit http://www.drpeppersnapple.com.
SOURCE Dr Pepper Snapple Group, Inc.
http://www.drpeppersnapple.com
Copyright (C) 2008 PR Newswire. All rights reserved
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