culture, politics, commentary, criticism

Friday, January 24, 2003
The SEC pulls back the mutual fund industry's veil of secrecy. One of the themes of this blog is exposure of the deception of small investors, so we must nod to what will undoubtedly be a lost story in the hurricane of pre-war propaganda (from
The New York Times):
The S.E.C. also approved rules requiring mutual funds to disclose how they vote investors' shares on corporate issues, a change that was criticized by mutual fund executives but widely praised by shareholder advocates.


Opponents of the disclosure rule warned that it would cost investors money while yielding little benefit. Supporters of disclosure noted that the new rule would not require mutual funds to send additional information to investors, but only to make it available.

"What they are really worried about is the end of all their conflicts of interest," Tim Grant, president of Pax World Funds, said on a conference call with reporters yesterday. Pax is a mutual fund company that does not invest in companies that produce harmful products or by-products or that have interests it considers socially unacceptable.
It is somewhat amazing to realize that, in all this time, mutual fund shareholders have not had any access to how their hundreds of billions of dollars in shares were voted. The power of those votes was held behind closed doors at the largest mutual fund companies. That power, and its political leverage, can now begin to be examined by the people who rightfully own it.

Increased disclosure is a step in the right direction. This is a noteworthy day at the SEC.

Greatest Hits · Alternatives to First Command Financial Planning · First Command, last resort, Part 3 · Part 2 · Part 1 · Stealing $50K from a widow: Wells Real Estate · Leo Wells, REITs and divine wealth · Sex-crazed Red State teenagers · What I hate: a manifesto · Spawn of Darleen Druyun · All-American high school sex party · Why is Ken Lay smiling? · Poppy's Enron birthday party · The Saudi money laundry and the president's uncle · The sentence of Enron's John Forney · The holiness of Neil Bush's marriage · The Silence of Cheney: a poem · South Park Christians · Capitalist against Bush: Warren Buffett · Fastow childen vs. Enron children · Give your prescription money to your old boss · Neil Bush, hard-working matchmaker · Republicans against fetuses and pregnant women · Emboldened Ken Lay · Faith-based jails · Please die for me so I can skip your funeral · A brief illustrated history of the Republican Party · Nancy Victory · Soldiers become accountants · Beware the Merrill Lynch mob · Darleen Druyun's $5.7 billion surprise · First responder funding · Hoovering the country · First Command fifty percent load · Ken Lay and the Atkins diet · Halliburton WMD · Leave no CEO behind · August in Crawford · Elaine Pagels · Profitable slave labor at Halliburton · Tom Hanks + Mujahideen · Sharon & Neilsie Bush · One weekend a month, or eternity · Is the US pumping Iraqi oil to Kuwait? · Cheney's war · Seth Glickenhaus: Capitalist against Bush · Martha's blow job · Mark Belnick: Tyco Catholic nut · Cheney's deferred Halliburton compensation · Jeb sucks sugar cane · Poindexter & LifeLog · American Family Association panic · Riley Bechtel and the crony economy · The Book of Sharon (Bush) · The Art of Enron · Plunder convention · Waiting in Kuwait: Jay Garner · What's an Army private worth? · Barbara Bodine, Queen of Baghdad · Sneaky bastards at Halliburton · Golf course and barbecue military strategy · Enron at large · Recent astroturf · Cracker Chic 2 · No business like war business · Big Brother · Martha Stewart vs. Thomas White · Roger Kimball, disappointed Republican poetry fan · Cheney, Lay, Afghanistan · Terry Lynn Barton, crimes of burning · Feasting at the Cheney trough · Who would Jesus indict? · Return of the Carlyle Group · Duct tape is for little people · GOP and bad medicine · Sears Tower vs Mt Rushmore · Scared Christians · Crooked playing field · John O'Neill: The man who knew · Back to the top

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