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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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Monday, July 07, 2008
The Obama Generation: The Emergence of Africans in America
Comtex
ST. LOUIS, July 7, 2008 /PRNewswire-USNewswire via COMTEX/ ----The following is an Essay by Dr. Benjamin Akande, Dean, Webster University School of Business and Technology:
A lot of Americans are wondering these days, some with awe, some with alarm, who is this Barack Obama and where did he come from? To many, it seems that the man who is one -- albeit large -- step away from the White House, came seemingly from out of nowhere, charming the masses and the media in equal measure. Rather, he, as a representation of the African immigrant population in the United States, has been quietly emerging all along.
The influx of African immigrants to the United States in the last two decades has been nothing short of phenomenal. According to figures from the Immigration and Naturalization Service (INS), the number of African immigrants in the United States more than quadrupled in the last two decades; from 109,733 between 1961-80 to 531,832 from 1981-2000. The emergence of this group has been enabled by two policies in particular: the 1986 Immigration Reform and Control Act and the Diversity Visa Program that was introduced as part of the 1990 Immigration Act. While the 1986 Act made it easier for undocumented immigrants, including those from Africa then living in the United Sates to become permanent residents, the Diversity Visa Program was aimed at promoting immigration from hitherto underrepresented countries and regions of the world, allowing up to 50,000 qualified Africans to migrate to the United States annually through a lottery process.
Moreover, the economic paralysis and political suffocation in Africa over the past 20 years has driven thousands of Africans, particularly highly skilled professionals to seek their economic fortunes elsewhere, with many opting to come to the Unites States. And unlike the Africans who came to the United States in the 1960s and 70s and returned to their respective countries with an American education and the skills needed for nation-building, many of the immigrants of the last two decades are more interested in settling in the United States and building comfortable lives for themselves and their families. The upshot has been a steady flow of skilled and highly educated Africans into the United States.
Where do Africans go when they arrive in America? These new immigrants can be found in major metropolitan areas in states like New York, Texas, Georgia, Illinois, Maryland and California, to small towns in Idaho, Iowa, Maine and the Dakotas. South Dakota, for instance, saw an increase in the number of African immigrants from 210 in the 1990s to 1,500 in 2000. Similarly, Tacoma, Wa. witnessed an increase of more than 800 percent in the number of immigrants from sub-Saharan Africa from 202 in the 1990s to 1,802 in 2002.
Given their small population, African immigrants and their offspring generally fly under the radar of average Americans. While their achievements and contributions to American culture are small, they are worthy. First- and second-generation African immigrants are making inroads in a wide range of professions -- from academia and journalism to professional sports and acting. John Ogbu, Kwame Anthony Appiah, Wole Soyinka and Chinua Achebe figure prominently in academia. In sports, Hakeem Olajuwon and Joseph Addai lead the field. And in entertainment, Gbenga Akinnagbe and singer Akon take the spotlight. Herein lies the O that is Obama Generation: Africans in America.
The Obama Generation is a representation of African immigrants and their offspring, who are gradually establishing themselves as key players in the political, social, academic and economic spheres of America. While their presence has been illuminated by the emergence of the junior Senator from Illinois, their impact will continue for many years to come, regardless of this presidential election or any other.
With its home campus in St. Louis, Webster University (www.webster.edu) is a worldwide institution committed to delivering high-quality learning experiences that transform students for global citizenship and individual excellence. Founded in 1915, Webster offers undergraduate and graduate degree programs through five schools and colleges, and a global network of more than 100 campuses. Its 20,000-plus student population represents almost 150 nationalities. The University's core values include excellence in teaching, joining theory and practice, small class sizes, and educating students to be lifelong independent learners, fully prepared to participate in an increasingly global society.
Since opening its first campus in Geneva in 1978, Webster has become a recognized leader and innovator in global education, with an international presence that now includes campuses in London; Vienna; Amsterdam and Leiden, the Netherlands; Shanghai, Shenzhen and Chengdu, China; and Bangkok and Cha-am, Thailand. Webster also has educational partnerships with universities in Mexico and Japan.
SOURCE Webster University
http://www.webster.edu
Copyright (C) 2008 PR Newswire. All rights reserved
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