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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 / Technology
Wednesday, July 02, 2008
BPO Management Services Wins Two New Information Technology Outsourcing Contracts
Comtex
ANAHEIM, Calif., July 2, 2008 /PRNewswire-FirstCall via COMTEX/ ----BPO Management Services Inc., (OTC Bulletin Board: BPOM), a full-service business process outsourcing company focused on serving middle-market enterprises, today announced that Spiegel Brands, Inc., Chicago, the women's clothing catalog marketer, and Shasun USA, Inc., one of the world's largest producers of ibuprofen, have signed multi-year contracts for its information technology outsourcing solutions.
BPOMS is providing remote software technical support for Spiegel's i/Series and z/Series mainframe platforms. The company reported it started working four days after the initial inquiry came in.
For Shasun, BPOMS is providing remote Intel server and desktop management, WAN management and support center services, including operations, technical support and backup management.
Patrick Dolan, chief executive officer of BPOMS, said, "We are pleased to add these growing middle-market companies to our ITO client roster. We were able to customize our ITO solutions and demonstrate our flexibility in providing the critical infrastructure and core business processes our customers require."
"Additionally, the mainframe support for Spiegel expands our capabilities offering and gives us an important competitive advantage in the marketplace," he added.
Services provided to these customers will be delivered from the full-service BPOMS 24/7 SAS 70 Type II certified data center facility located in Pearl River, NY.
About BPO Management Services, Inc.
BPO Management Services (BPOMS) is a business process outsourcing (BPO) service provider that offers a diversified range of on-demand services, including human resources, information technology, enterprise content management, and finance and accounting, to support the back-office business functions of middle-market enterprises on an outsourced basis. BPOMS supports middle-market businesses new to the BPO market, established businesses that already outsource, and businesses seeking to maximize return-on-investment from their in-house workforce. For more information, please visit http://www.bpoms.com
Forward-Looking Statements
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of BPO Management Services, Inc. (the "Company") to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to: (i) the Company's ability to obtain sufficient capital or a strategic business arrangement to fund its current operational or expansion plans; (ii) the Company's ability to build and maintain the management and human resources and infrastructure necessary to support the anticipated growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at http://www.sec.gov under "Search for Company Filings."
PR/Media Relations Contact: Richard Stern Stern & Co. richstern@sternco.com Tel: 212-888-0044 Alison Simard Stern & Co. arsimard@sternco.com Tel: 323-650-7117 IR Contact: Arun Chakraborty achakrab@sternco.com 212-888-0044 Company Contact: BPO Management Services, Inc. Patrick Dolan, Chairman & CEO patrick.dolan@bpoms.com
SOURCE BPO Management Services, Inc.
http://www.bpoms.com
Copyright (C) 2008 PR Newswire. All rights reserved
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