To: Hawkmoon who wrote (8582 ) 1/23/1998 7:26:00 AM From: Charles A. King Read Replies (2) | Respond to of 13091
From today's IBD; you have to register, but it's free.Crude oil for March delivery, which has been under relentless pressure for three months, sank another 30 cents to $16.06 a barrel. That's the cheapest oil since April '94. Oil stocks last week soared a stunning 14.643 million barrels, or nearly 5%. It was the biggest one-week jump in stocks in years, analysts said. investors.com Individual investors aren't the only ones abused by the SEC and the securities industry. Female employees in the industry have also been abused in a different way. NEW YORK (January 22, 1998 11:37 p.m. EST nando.net ) - Women in the securities field painted a nightmarish view Thursday of Wall Street, where their work days were plagued by sexual groping, co-workers exposing their penises and threats of physical violence. The Securities and Exchange Commission is now considering changing a National Association of Securities Dealers rule providing that industry disputes be settled by arbitration.www2.nando.net Maybe the SEC should do more than "consider". An example of progress the SEC is making to clean up one of its own messes is in prospectus language. WASHINGTON (January 22, 1998 6:01 p.m. EST nando.net ) - The Securities and Exchange Commission approved Thursday a rule banning arcane jargon in specific sections of investment documents, mandating companies write them in simple, clear language. "The point here is ... it's clarity, it's being able to convey complex ideas in a way where individual investors will be able to understand," SEC Chairman Arthur Levitt told a commission meeting. The rules, which go into effect Oct. 1, will require companies and mutual funds to write the cover page, summary and risk factor sections of their prospectuses in short sentences, using definite, concrete, everyday words in an active voice. "The point here is ... it's clarity, it's being able to convey complex ideas in a way where individual investors will be able to understand," SEC Chairman Arthur Levitt told a commission meeting. Describing the reforms as cultural changes, Levitt said the regulatory agency would not act as "grammar police."www2.nando.net Now that's a good start toward a refreshing change of attitude. Charles