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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.
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Thursday, July 24, 2008
Sharks! at Stingray Bay Reopens at Brookfield Zoo on July 26
Comtex
BROOKFIELD, Ill., July 24, 2008 /PRNewswire-USNewswire via COMTEX/ ----The popular summer exhibit at Brookfield Zoo, Sharks! at Stingray Bay, will reopen July 26. It provides an incredible hands-on opportunity for zoo guests to learn about some amazing sea creatures and to develop an appreciation for them. The touch tank experience is what the Chicago Zoological Society's mission is all about, which is to inspire conservation leadership by connecting people with wildlife and nature.
The exhibit has been closed since July 14 when a simultaneous malfunction of the heating and cooling components of its life support system resulted in the deaths of just over half of the southern and cownose stingrays. When the equipment malfunctioned, it led to a temporary 10 degree increase in the 16,000-gallon pool's water temperature, from 79 degrees to 89 degrees, causing the animal fatalities.
The remaining stingrays, white-spotted bamboo sharks, nurse sharks, and horseshoe crabs are all doing well. In addition, Living Exhibits, the vendor who installed, owns, maintains, and operates the zoo's temporary exhibit, will be bringing additional stingrays from its other facilities beginning next week.
"To help ensure this situation does not happen again, Chicago Zoological Society staff have taken additional precautionary measures besides those that were already in place by Living Exhibits. The health and welfare of the animals are our main concerns," said Dan Wharton, Ph.D., senior vice president of animal programs for Chicago Zoological Society (CZS), which manages Brookfield Zoo.
CZS has installed a round-the-clock temperature surveillance system to Living Exhibit's equipment. This computer software system monitors the pool's temperature every 10 minutes. In the event of an increase or decrease outside of the set temperature range, the system will notify the Society's environmental quality manager so the temperature can be quickly corrected. Routine checks of the exhibit by CZS staff will be made hourly during the night in addition to the daily health checks by zoo veterinarians.
Brookfield Zoo also has its own back-up generator, which operates during total power outages and during extreme heat days during peak hours. The generator will regulate the voltage to the system during any extreme heat days even during off peak hours. In addition, the Chicago Zoological Society will be providing two new transformers that will regulate the power supply specifically for the life support system keeping it at a constant voltage.
Open every day of the year, the zoo is located off First Avenue between the Stevenson (I-55) and Eisenhower (I-290) expressways and is also accessible via the Tri-State Tollway (I-294), Metra commuter line, CTA, and PACE bus service. For further information, visit www.CZS.org.
SOURCE Chicago Zoological Society/Brookfield Zoo
http://www.CZS.org
Copyright (C) 2008 PR Newswire. All rights reserved
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