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I just called them. Thank you. I couldn't help
but get upset by this nonsense.
* Multi-millionaires sewer diving for
quarters
* Have illegal arrangements with mutual fund
companies
* Can place orders AFTER market closes
* Can trade unlimited in fund families
* Mutual Funds bending over forwards out of fear of
SEC
Result:
Let's punish the little guy who hasn't been breaking any
rules. Let's put a strfee on the funds so he's forced into a
'buy and hold' mode. That is to OUR (mutual fund
company) benefit. If he can't get out of a fund if the market
crashes
and he loses one-half or more of his life savings; TOUGH
LUCK!
I apologize for venting my sentiments about this but
aren't the results of this typical type of political legislation
typical.
Chas
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
JERRY
WAGNER
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Wednesday, November 19, 2003 10:16
AM
Subject: [RT] AVOID HIGHER MUTUAL FUND
REDEMPTION FEES
I hope no one minds my passing this on to the membership, but it could
effect lots of our readers:
<SPAN
>To:
Flexible Plan Investments’ Representatives and
Friends
<SPAN
>From: Jerry
Wagner
<SPAN
><FONT
size=3>Re: Urgent Need for Calls to Congressman
Michael Oxley’s office
<SPAN
><FONT
size=3>
<SPAN
>Congressman Michael Oxley,
Chairman of the House Financial Services Committee is going to offer an
amendment on the House Floor <SPAN
><FONT
size=3>today<SPAN
>, November 19th, which
would among other provisions permit investment companies to charge
redemption fees in excess of 2 percent within an open ended time period
that will be determined by the SEC.
<SPAN
>
<SPAN
>He is offering this amendment
under a House procedure called the “Suspension Calendar” where there is no
debate and no possibility of amendments as long as two thirds of the House
agrees. It is a procedure that is reserved for non-controversial
bills. Through the good work of a number of SAAFTI members we have a
number of individual Congressmen trying to stop or at least fix this amendment
before it is offered. (We want, instead, a report in 90 day’s from the
SEC as to the effect of punitive redemption fees at addressing the problems
from which the current scandal arises.)
<SPAN
>
<SPAN
>Despite this effort, at this hour
Congressman Oxley’s staff is still telling our Congressman that they have not
heard from anyone on this and that it should not be controversial. We
need to create some quick controversy to back up our Congressional allies that
are telling him it is a problem.
<SPAN
>
<SPAN
>The
only way to do that on this short notice is to flood his office with calls
opposing this amendment. Oxley’s Washington number is
202/225-2676.<SPAN
> <SPAN
>
<SPAN
>
<SPAN
>No SAAFTI members are direct Oxley
constituents, so everyone will just have to pitch in.<SPAN
> The call should go as
follows:
<SPAN
>
<SPAN
>Identify yourself and your company
and indicate you would like to talk to the legislative assistant familiar with
the amendment that the Congressman is going to offer to H.R. 2420 having to do
with prevention of abusive mutual fund practices.
<SPAN
>
<SPAN
>You will probably be put into
voice mail, but whether you get voice mail or a legislative assistant you
should indicate that you are an investment advisor and that
<SPAN
>:
<P class=MsoNormal
><SPAN
>1)<SPAN
>
The portion of
the Oxley amendment having to do with increasing redemption fees is going to
be very harmful to your small business and to your (insert number) of
individual investors who have their IRA’s, their children’s college funds and
their life savings invested in mutual funds.
<P class=MsoNormal
><FONT
face="Times New Roman">2)<SPAN
>
On top of that
indicate that you strongly support fixing the law and the regulations that
brought us the current scandals but that increasing the redemption fee does
nothing to address the abuses that have taken place.
<P class=MsoNormal
><FONT
face="Times New Roman">3)<SPAN
>
All it does is
transfer wealth from individual investors to the mutual fund companies that
get to charge the higher fees.
<P class=MsoNormal
><FONT
face="Times New Roman">4)<SPAN
>
<SPAN
> It hands the mutual fund firms that are
in the midst of the scandal a blank check drawn on your clients’ funds.<SPAN
>
<FONT
face="Times New Roman">
<FONT
face=Arial>If the receptionist won’t give you voice mail or a legislative
assistant, ask him/her to please tell the Congressman that his amendment on
mutual fund redemption fees is going to hurt mutual fund investors is not
going to fix the problem he is legitimately trying to fix and instead the
punitive use of redemption fees needs more study.
<SPAN
><FONT
face=Arial>
If you are
on voice mail don’t go any further than this because they will stop
listening. If you are talking to a human being play it by ear as to how
much conversation they are willing to have. The purpose of the call is
not to win them over but to let them know lots of small businesses care
passionately about this amendment.
<SPAN
><FONT
face=Arial> <SPAN
>We
strongly urge you to make the call but if you are not willing, please fax a
similar message to Congressman Oxley at 202/226-0577.
JERRY WAGNER
flexplan@xxxxxxxxxxxxx
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