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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, May 19, 2008
Ralph Steadman Addresses CLIO Delegates at the 2nd Annual Saatchi & Saatchi Hero Show
Comtex
MIAMI, May 19, 2008 (PR Newswire Europe via COMTEX) ----Prolific Artist of Outrageous and Provocative Talent Shares Art, Music, and Insights
British artist, cartoonist, illustrator, writer, and musician, Ralph Steadman (www.ralphsteadman.com) treated CLIO AWARDS delegates to a two-part presentation on his thoughts and work over the years.
(Photo: http://www.newscom.com/cgi-bin/prnh/20080519/NYM090 )
Bob Isherwood, worldwide creative director of Saatchi & Saatchi (www.saatchi.com), introduced Steadman as an "artist with an amazing story to tell ... an unstoppable creative." Steadman then proceeded to take the audience on a mesmerizing, often witty, illustrated journey full of inspiration and artistic surprises.
Part one was a dissertation on the "Elements of Chance in Creativity," covering ground as diverse as the history of Irish printing and an imaginary conversation involving Marcel Duchamp and Luis Bunuel. It was a showcase for the highly original and diverse spread of Steadman's output.
Part two concentrated on Steadman's legendary association with Hunter S. Thompson and his role in the birth of Gonzo journalism. He followed his presentation by taking questions from delegates. He then closed the show by singing a self-composed song, accompanying himself on the ukulele.
Steadman received a standing ovation.
Saatchi & Saatchi launched the Hero Show in 2007 with controversial Italian photographer Oliviero Toscani.
As Bob Isherwood pointed out, "The Hero Show gives CLIO delegates a unique opportunity to hear directly from the most inspirational and legendary creatives."
As one of the most innovative and idea-driven companies, Saatchi & Saatchi champions emerging talent at events such as the New Directors Showcase and celebrates the colorful and legendary creative characters at the annual Hero Show.
As Isherwood puts it, "Our industry would be lost without the creative brilliance of people just starting out -- and without the inspiration of established individuals. We're delighted to bring both ends of the spectrum to a wide and appreciative group."
The presentation space had been turned into a Steadman gallery for the Hero Show with giant prints of some of his eye-whacking art. The ambition is to auction off the prints with the proceeds going to charity.
ABOUT SAATCHI & SAATCHI
Part of the Publicis Groupe, the fourth largest communications holding company, Saatchi & Saatchi handles over 40 multinational companies including Procter & Gamble, Toyota, General Mills, Novartis, Sony Ericsson, Emirates Airline, Deutsche Telekom/T-Mobile and VISA Europe.
With 150 offices and almost 7,000 employees, Saatchi & Saatchi is known for its outstanding creative ideas that generate powerful emotional connections between consumers and products.
This is a key element in Lovemarks, Saatchi & Saatchi's unique methodology for elevating the status of brands by creating 'loyalty beyond reason' and 'inspirational consumers'.
Saatchi & Saatchi is 'The Lovemarks Company'.
CONTACTS: Mary-Elisabeth Ghanem +1-212-966-9525 maryliz@digennaroNY.com Samantha Digennaro +1-212-966-9525 sam@digenarroNY.com Web site: http://www.saatchi.com http://www.ralphsteadman.com
Mary-Elisabeth Ghanem, +1-212-966-9525, maryliz@digennaroNY.com, or Samantha Digennaro, +1-212-966-9525, sam@digenarroNY.com, both for Saatchi & Saatchi ; Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080519/NYM090 PRN Photo Desk, photodesk@prnewswire.com/
Copyright (C) 2008 PR Newswire Europe
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