Word: sec
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Dates: during 1990-1999
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Torri Walters, a Manhattan hair stylist, had seen the ads often enough to be intrigued. The 30-sec. TV spots featured celebrities such as Yankee pitcher Andy Pettitte and former Miss America Heather Whitestone McCallum testifying that their most important relationship was with God and praising a book called Power for Living. The ads ran about 50 times a day on CNN alone; print versions showed up in TIME and other magazines and on the walls of the A train Walters took to work. They were mysterious. They bore the name of no known ministry but merely the words Arthur...
...FREE RIDE The SEC recently forced several companies to yank bogus online offerings of "free" stock. The catch? The issuers were trying to bring traffic to their websites and get valuable personal information from the recipients. Web-WorksMarketing.com said its free stock was worth $38.40 a share, which beats the company's gross revenues of $26. Likewise, American Space Corp. distributed shares, although it had no offices, employees or contracts. The investing lesson? Free could equal worthless...
...FLAG The SEC is looking into mutual-fund ads featuring odd one-year periods--ending April 13 or May 3, for example--that allow them to show an amazing performance by capturing high points and leaving out subsequent declines. The review is being driven by the performance of Internet stocks such as Yahoo and America Online, whose gyrations can make some fund managers look like a genius on Monday and stupid by Friday. Don't wait for the Fed to help. Check out the ads carefully...
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Record 3 min., 59.4 sec...