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Beginning this week, you can call the new SEC hotline (1-800-SEC-0330) and get prerecorded answers to a variety of questions about stocks, bonds and mutual funds. But Levitt has more ambitious plans, starting with how to get the straight story out of your stockbroker...
...occasion landed on the wrong side of the law: Prudential, Salomon Brothers and the old Drexel Burnham Lambert. Getting hoodwinkers to bankroll a program to train investors to avoid being hoodwinked has a nice symmetry to it. Levitt, meanwhile, is taking consumer education to the national level. The sec has recently published a useful pamphlet, Invest Wisely, that demystifies the mutual fund, but Levitt's real goal is to get the mutual funds to demystify themselves...
...Washington has largely contented itself with moves such as calling upon mutual funds to provide more disclosure of the derivatives they own or might consider buying. For example, the sec is mulling a proposal that would require funds to develop a standard way to measure the risks of a portfolio. Meanwhile, the General Accounting Office is urging regulators to tighten their scrutiny of derivatives dealers...
...unprecedented move, the Securities and Exchange Commission has liquidated a money market fund. The reason: the fund failed to to maintain its share price at the customary level of $1. Investors will get back only 94 cents on the dollar. SEC chairman Arthur Levitt announced the move at a hearing of the House Banking Committee Tuesday. The liquidation of the Denver-based fund, known as the Community Bankers U.S. Government Money Market Fund, should not affect retail investors directly. All of its $83 million in assets was deposited by 113 institutional customers, mostly banks. And Levitt emphasized that the demise...
Bruce Bent and Henry Brown, renegades from the insurance industry, come to Wall Street and invent the money-market fund in 1970. Jim Benham, a California < broker, has the same idea simultaneously. It takes the SEC two years to approve this...