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Thanks Charlie
JERRY WAGNER
flexplan@xxxxxxxxxxxxx
----- Original Message -----
From: Charles Meyer
To: realtraders@xxxxxxxxxxxxxxx
Sent: 11/19/2003 11:29:43 AM
Subject: Re: [RT] AVOID HIGHER MUTUAL FUND REDEMPTION FEES
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
----- Original Message -----
From: JERRY WAGNER
To: 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:
To: Flexible Plan Investments’ Representatives and Friends
From: Jerry Wagner
Re: Urgent Need for Calls to Congressman Michael Oxley’s office
Congressman Michael Oxley, Chairman of the House Financial Services Committee is going to offer an amendment on the House Floor today, 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.
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.)
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.
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.
No SAAFTI members are direct Oxley constituents, so everyone will just have to pitch in. The call should go as follows:
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.
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
:
1) 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.
2) 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.
3) All it does is transfer wealth from individual investors to the mutual fund companies that get to charge the higher fees.
4) It hands the mutual fund firms that are in the midst of the scandal a blank check drawn on your clients’ funds.
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.
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.
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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