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St. Louis Business & Technology News
"When you think Saint Louis, think Saint Louis Front Page," a weekly publication covering the news and events in the greater St. Louis area. 
How To Reach Us:St. Louis Front Page P.O. Box 1354 St. Louis, MO 63188 Voice: 314-771-0200 Fax: 314-771-0300 To submit news, contact: editor@slfp.com To advertise, contact: advertising@slfp.com |
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U.S. Investors Demanding Strong Financial Market Reforms, More Than a Third Are 'Angry' Today ST. LOUIS, MO, (PRNewswire), June 28, 2009 - More than three out of four American investors (79 percent) want to "see strong action taken to correct the problems that exist today" in the financial markets, including over a third (34 percent) who are "angry" about the debacle on Wall Street and the related failure of regulatory oversight, according to a major new survey of 1,256 U.S. investors conducted by Opinion Research Corporation (ORC) on behalf of ShareOwners.org, a new nonprofit and nonpartisan organization that will educate and organize U.S. investors to support both short- and long-term financial market reforms. The release of the new ShareOwners.org survey -- which also reveals that about three out of five investors (58 percent) are "less confident in the fairness of the financial markets" today than they were one year ago -- marks the public launch of ShareOwners.org's powerful new Ning-based social networking campaign modeled on the same technology that transformed the 2008 presidential election process. The need and potential for the ShareOwners.org is apparent in the survey findings that: (1) more than half of American investors (52 percent) say "more information and online education about your rights and duties as a shareholder" would make them more confident about the fairness of the financial markets; and (2) nearly one in five investors (17 percent or 24 million Americans) who would "consider becoming involved in a group to protect the rights and interests of shareholders or investors like you." As a first step, ShareOwners.org will engage typical American investors by sending their comments in support of the group's agenda directly to their members of Congress. For the long run, ShareOwners.org's broad four-part agenda focuses on the need for stronger regulation (including a beefed-up SEC), increased accountability of boards/CEOs, improved financial transparency and protection of the legal rights of investors. ShareOwners.org Chairman Richard Ferlauto, director of corporate governance and pension investment, American Federation of State, County and Municipal Employees (AFSCME) said: "As of today, the average American investor has a way to weigh in on and be heard about needed financial markets reforms. The severe losses suffered by tens of millions of Americans in their 401(k)s, mutual funds, traditional pension plans and other investments all point to the need for a new emphasis on shareowner rights and meaningful regulation in order to ensure the financial security of American families. Unfortunately, the shareowners in America's corporations and mutual funds have limited options today when it comes to protecting themselves from weak and ineffectual boards dominated by management, misinformation peddled as fact, accounting manipulation, and other abuses. Our goal is to level the playing field by giving a powerful new voice to the people who comprise the 'silent majority' in the investment world." Barbara Roper, director of investor protection, Consumer Federation of America, said: "Investors are understandably angry, and they are demanding action. With the global economy having been brought to the brink of collapse and taxpayers forced to bear the costs of Wall Street's excesses, it is imperative that Congress and the administration finally stand up to the big banks and deliver the real reform that investors deserve and the economy desperately needs." Nell Minow, editor-in-chief, The Corporate Library, a leading corporate governance research firm, said: "The meltdown of the financial markets has made it indisputably clear that investors need a better understanding of investment risk both in public companies and in intermediaries like mutual funds and a more effective way to exercise oversight on issues like excessive compensation and ineffective boards. I am delighted that some of the penalties imposed on companies in the last round of corporate scandals is being used to give investors the tools they need to become more knowledgeable and effective shareholders." The suggested letter text for investors to send to Congress on the ShareOwners.org site reads, in part: "As an investor and your constituent, I am adding my voice today in support of the ShareOwners.org's agenda to restore order to our financial marketplace and to clean up Wall Street abuses. I can tell you that investor confidence in Wall Street and those who regulate it will not be fully restored until there are better protections in place for the average American investor. You need to understand that, from my perspective, the system is broken today. The unacceptable result is that the long-term savings and investments of my families and others are needlessly jeopardized." Among the major advisors to ShareOwners.org are the following individuals: Lynn E. Turner, former chief accountant at the U.S. Securities and Exchange Commission and an investor representative on the Public Companies Accounting Oversight Board Standards Advisory Group and the Financial Accounting Standards Board's (FASB) Investor Technical Advisory Committee; John Wilcox, chairman, Sodali Ltd., and former senior vice president of corporate governance, TIAA-CREF; and Dr. Teresa Ghilarducci, director, Schwartz Center for Economic Policy Analysis, The New School for Social Research.  
The Saint Louis Front Page is owned and maintained by the Moore Design Group for the sole purpose of disseminating news and information about the Metropolitan Saint Louis area. Text or graphics may not be copied, rewritten or distributed in any manner whatsoever without written permission. For more information, contact editor@slfp.com All rights reserved world wide © 1996 - 2009 Moore Design Group. |
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