http://www.unionvoice.org/campaign/thebigsecret I normally would not post a chain letter on here as a matter of respect for the rules of the board Considering how important this rule is for the security of shareholders, I hope you will consider signing it. You will need to put your name and city, state and zip for it to be considered by the SEC. You do not need to sign up for the newsletter. Read more below or on the website. Passing this SEC rule would stop the type of abuse that allowed the various banks to extend cheap credit to Enron and then claim they had been lied to like everyone else. With this rule, the mutual fund companies that promote/recommend a company while also investing in that company would have to make their votes public knowledge. Thank you for taking the time to read this, and I hope you will sign the letter. Robert ================ more details on SEC rule S7-36-02 Tell the U.S. Securities and Exchange Commission (SEC) that everyone should have the right to know how their money is being used. Big mutual fund companies like Fidelity Investments want to keep secret how they use workers' investments to vote in proxy elections affecting such issues as corporate governance, executive pay and how they treat workers. Send a personal email below to the SEC adding your support for the proposal to make Fidelity disclose their votes on behalf of shareholders.
Your statement doesn't make a lot of sense to me Robert. Here is a link to the proposed SEC rule for those interested. http://www.sec.gov/rules/proposed/33-8131.htm
Jeff, If a mutual fund can buy shares in a company while having a cozy relationship behind the scenes, shareholders could lose money. With this new SEC rule, the votes of the mutual fund companies will have to be made public knowledge. This rule will extend BEYOND mutual fund companies though, to include banks and such. For those who read the WSJ, you are of course aware that Citibank, Chase, BofA and the other large U.S. banks invested heavily in Enron, Global Crossing, et al while having a relationship behind the scenes. It is the equivalent of being a mayor of a town and giving business to your buddy, who owns a company. With the new rule, these banks and mutual fund companies will have to disclose their relationships through their votes. I'm sure those who have read the rule on the union website understand what I am trying to say.
