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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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Friday, June 27, 2008
Standards for the Care & Teaching of Ohio Infants & Toddlers Introduced
Comtex
COLUMBUS, Ohio, June 27, 2008 /PRNewswire-USNewswire via COMTEX/ ----A coalition of state agencies and child advocacy organizations will unveil standards to improve the quality of the early care and teaching of Ohio's babies and toddlers who spend time in out-of-home settings. The unveiling will take place Monday, June 30 from 9:30 a.m. to 1:00 p.m. at the Ohio Historical Society in Columbus located at 1982 Velma Avenue, 43211.
The Standards for the Care & Teaching of Ohio's Infants & Toddlers will be announced amid multi-colored, toy building blocks representing the six standards which include:
-- family centered practice -- professional practice & competencies -- small groups -- individualized care -- environmental supports -- community connections
Designed to assist early childhood professionals -- particularly those who are primarily responsible for supporting the development and learning of infants and toddlers -- the Standards set clear goals and essentials for child care programs.
"The Standards ensure that Ohio children, from birth to age three who are in child care facilities, experience safe, healthy, nurturing and learning places, which in turn leads to students prepared to learn in the classroom and citizens prepared to enter society and the workforce as viable, valuable contributors," said Terrie Hare, Chief of the Bureau of Child Care and Development at the Ohio Department of Job & Family Services, the lead state agency.
The Standards were authored by an impressive coalition including: the Ohio Department of Education, the Ohio Department of Health, the Ohio Department of Job and Family Services, the Ohio Department of Mental Retardation and Developmental Disabilities, the Ohio Child Care Resource and Referral Association (OCCRRA), the Miami Valley Child Development Center, the Positive Education Program, the Berea Children's Home and Family Services, Nationwide Children's Healthy Child Care Ohio, 4C for Children, and Governor Strickland's Early Childhood Cabinet.
The national experts who collaborated with Ohio on the document were: Dr. Jerlean Daniel, National Association for the Education of Young Children; Dr. James Elicker, Purdue University; Cathy Tsao, WestEd Center for Child and Family Studies in California; and Dr. Peter Mangione, co-director of WestEd. The WestEd Center is nationally and internationally recognized for its work in the area of infant and toddler care.
"The Standards for the Care & Teaching of Ohio's Infants & Toddlers are part of an evolving system to ensure our little ones have positive experiences today in order to ensure positive outcomes tomorrow," said Robin Harris, Policy Executive Assistant for Health and Human Services, Office of Governor Ted Strickland.
The Standards focus not just on the relationships and interaction between early childhood professionals and the children but also on the entire community -- from parents to policymakers -- who must all work together to support a child's development.
Intended as a companion piece to the Ohio Infant & Toddler Guidelines created in 2006, the Standards will also help policymakers and communities meet their responsibilities to the 150,000 babies born every year in the state by building on Ohio's current licensing standards.
"According to the Ohio Department of Education, 40,000 Ohio children were not prepared to succeed as learners when they entered kindergarten last year," said OCCRRA Executive Director Chris Stoneburner. "These numbers show that basic health and safety standards are not sufficient to prepare our children for the future."
"Every day in Ohio approximately 90,000 children under three years of age are cared for outside of their homes," said Jamie Gottesman, Deputy Chief of the Bureau of Child Care and Development at the Ohio Department of Job and Family Services. "Yet, until now, not much attention has been paid to programming for this age group. The Standards for the Care & Teaching of Ohio's Infants & Toddlers represent a giant step forward in identifying what is foundational and essential for programs in supporting the development and learning of our youngest citizens."
Slated for distribution to all programs that serve infants and toddlers in Ohio, the Standards will also be posted online after August 1, 2008 at www.occrra.org.
OCCRRA is a statewide membership association of child care resource and referral agencies providing services to families, early childhood professionals and communities throughout Ohio. Learn more at www.occrra.org.
The Ohio Department of Job and Family Services is responsible for the regulation of out-of-home child care environments and the administration of the publicly-funded child care program. Child Care assistance is provided to eligible parents to keep Ohio's families engaged in work and training efforts, while on the road to self-sufficiency. Child care is the stabilizing force that contributes to skilled, healthy Ohioans, successful businesses and strong communities. Learn more at http://jfs.ohio.gov/cdc/BCCD.stm.
Contact: Jamie Gottesman, 614-752-0579
Cindy Byington, 614-221-2885 x13, Kathleen Murphy, x16
SOURCE Ohio Department of Job and Family Services
http://jfs.ohio.gov/cdc/BCCD.stm
Copyright (C) 2008 PR Newswire. All rights reserved
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