Word: mutually
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Dates: during 1970-1979
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...ombudsman only when empowered to review all Faculty and Administrative decisions. Students will justifiably condemn the Commission until the Commission can at least recommend reversing decisions, until as many students as Faculty serve on the Commission, and until it becomes the first step toward creating a sense of mutual responsibility among students and Faculty--impossible until the CRR is also reconceived...
When an investor wants to buy shares in a typical mutual fund, he goes to one of the fund's own salesmen or to a broker who has been designated by the fund as its agent. For his services, which may include counseling but often consist of no more than filling out a form and mailing it in to the fund, the salesman or broker-agent is rewarded with the sweetest commission in the securities industry: an average of 8% to 8.5% of the total purchase price, compared with an average of 1.45% on trades in corporate stocks such...
Last week the Justice Department declared that this arrangement-which mutual funds have for years argued is essential to their ability to market their products-violates antimonopoly laws, and filed suit in federal court to break it up. Three of the country's largest mutual funds were named as defendants. So were the National Association of Securities Dealers, many of whose 4,200 broker members act as fund agents, and nine major brokerage houses, including Merrill Lynch, Pierce, Fenner & Smith, Bache & Co. and Paine, Webber, Jackson & Curtis...
...effect, the suit asks that mutual fund shares be traded exactly like corporate stocks. A customer, in the Justice Department's view, should be able to pick up the phone, call any broker he chooses, and put in an order to buy, say, 100 shares of any fund he selects. The broker would then match his order with the offer of someone who wants to sell 100 shares (at present, mutual fund shares are nearly always sold back to the fund itself) and execute a trade at standard commission rates...
...such a trading market in mutual fund shares would actually work, if the courts eventually order one into existence, is something of a mystery. The price gyrations of the regular stock market, which are ruled by investors' shifting expectations of future profits, would seem to be impossible in a market for mutual fund shares. Funds are obligated by law to buy back their own shares at a price that reflects each share's equity in the fund's net assets. No seller would offer his shares at a discount in the trading market if he could sell...