SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Gorilla and King Portfolio Candidates
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Judith Williams who wrote (23529)4/25/2000 9:02:00 PM
From: Mike Buckley  Read Replies (2) of 54805
 
APRIL 28 DEADLINE

That's the deadline for public comment submitted to the SEC about "a rule proposed by the Securities and Exchange Commission (SEC) regarding the fair disclosure of information by publicly traded companies to the public. The rule (Proposed Regulation FD) would require, among other things, that companies no longer engage in the practice of discreetly disclosing important information to Wall Street analysts without also giving that information to the public at large."

If you have an opinion about having equal access to information, e-mail the government agency at rule-comments@sec.gov. In the subject area of your e-mail, the heading should be Proposed Regulation FD: File No. S7-31-99.

If you want information about the proposed rule, check out fool.com If you wonder why I believe The Motley Fool has done more for individual investors than all the financial services companies combined, you'll appreciate that half of the public comments filed with the SEC have come from the Fool community and that the full-service brokerage firms are lobbying hard against this rule that promotes equal access to information.

A copy of the e-mail I sent to the SEC is shown below. Remember that the deadline for public comment is April 28.

--Mike Buckley

============================

Subj: Proposed Regulation FD: File No. S7-31-99
Date: 4/25/00 8:49:58 PM Eastern Daylight Time
From: M BUCKLEY
To: rule-comments@sec.gov

I have read the ideas expressed by the Securities Industry Association lobbying on behalf of its full-service broker members. I completely disagree with their contention that analysts provide a better service for the owners of America's public companies by operating in an environment with access to information denied to the very people who own or are considering owning those companies. Their contentions betray all common sense.

If it betrays common sense, what is the motivation? SIA desires unequal access to information by its members' analysts because they resell the information to the American public. There's nothing wrong with reselling the information. But making that information more valuable by giving them unequal access to it, denying equal access to individual investors, is wrong.

If there is any doubt in your mind that SIA's motivation is less than honorable, be reminded of Merrill Lynch's contention expressed over a year ago by its CEO that online trading was the worst thing for individual investors. A year later and having reversed its thinking, Merrill Lynch is now offering online trading to its customers. The contentions of the community of full-service brokers expressed in SIA's filings show more concern about the market share they are losing to the discount brokers than concern for individual investors.

I applaud Proposed Regulation FD.

--Mike Buckley
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News