Friday, February 20
Fidelity boss attacks fund reforms
"The assets of Fidelity's shareholders also declined 37 percent from $662 billion in 1999 to $416 billion in 2002 according to Fidelity. Coincidently, during that bear market, Fidelity's flagship Magellan Fund (FMAGX) experienced a 35 percent decline in its net asset value, from $105.9 billion to $68 billion, according to Morningstar analyst Annette Larson, while Fidelity charged investors well over $1 billion in management fees.
By comparison, between 1999 and 2002 the net worth of Fidelity's two principle owners, Edward Johnson and Abigail Johnson, actually increased from $11.1 billion to $12.3 billion, as reported in the Forbes 400 lists of America's richest billionaires. In short, while Fidelity's fund shareholders lost 37 percent of their assets during the bear market, the owners of the fund management company saw their net worth increase more than 10 percent. Today the Johnsons are the 16th and 36th richest people in America.
In addition, according to InvestmentNews, fund company directors voted themselves an average 26 percent pay raise during the bear market years from 2000 to 2002, increasing their average compensation to $249,500. In Fidelity's case, 14 directors were paid over $250,000 each annually for part-time work. Fidelity claims that 10 of the directors are independent. Ned Johnson is chairman.
Nationally, the salaries of fund managers increased 35 percent between 1999 and 2001, to an average salary of $436,500 according to a survey of the Association for Investment Management & Research. The survey covered 10,000 portfolio managers and was conducted by Russell Reynolds, a national executive search firm."
Just who do these mutual fund managers think they are? Congress?!
"The assets of Fidelity's shareholders also declined 37 percent from $662 billion in 1999 to $416 billion in 2002 according to Fidelity. Coincidently, during that bear market, Fidelity's flagship Magellan Fund (FMAGX) experienced a 35 percent decline in its net asset value, from $105.9 billion to $68 billion, according to Morningstar analyst Annette Larson, while Fidelity charged investors well over $1 billion in management fees.
By comparison, between 1999 and 2002 the net worth of Fidelity's two principle owners, Edward Johnson and Abigail Johnson, actually increased from $11.1 billion to $12.3 billion, as reported in the Forbes 400 lists of America's richest billionaires. In short, while Fidelity's fund shareholders lost 37 percent of their assets during the bear market, the owners of the fund management company saw their net worth increase more than 10 percent. Today the Johnsons are the 16th and 36th richest people in America.
In addition, according to InvestmentNews, fund company directors voted themselves an average 26 percent pay raise during the bear market years from 2000 to 2002, increasing their average compensation to $249,500. In Fidelity's case, 14 directors were paid over $250,000 each annually for part-time work. Fidelity claims that 10 of the directors are independent. Ned Johnson is chairman.
Nationally, the salaries of fund managers increased 35 percent between 1999 and 2001, to an average salary of $436,500 according to a survey of the Association for Investment Management & Research. The survey covered 10,000 portfolio managers and was conducted by Russell Reynolds, a national executive search firm."
Just who do these mutual fund managers think they are? Congress?!
Wednesday, February 18
McCain: Hanoi Hilton Guards Taunted POWs With Kerry's Testimony:
"But after he was released from the Hanoi Hilton in 1973, McCain publicly complained that testimony by Kerry and others before J. William Fulbright's Senate Foreign Relations Committee was 'the most effective propaganda [my North Vietnamese captors] had to use against us.'"
"But after he was released from the Hanoi Hilton in 1973, McCain publicly complained that testimony by Kerry and others before J. William Fulbright's Senate Foreign Relations Committee was 'the most effective propaganda [my North Vietnamese captors] had to use against us.'"
Tuesday, February 17
Fascism at Berkeley:
"The fact is, radical Muslim students and their leftist counterparts are the most domineering, destructive, and dangerous forces in higher education today. If we're to win the War on Terrorism, we may have to start with our own college campuses."
"The fact is, radical Muslim students and their leftist counterparts are the most domineering, destructive, and dangerous forces in higher education today. If we're to win the War on Terrorism, we may have to start with our own college campuses."
