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Al

Fuck. Fidelity, where all my companies pension $ for us workers is holed up. And the only way you can get your $ is to retire/get your ass fired. Then good luck trying to find another job if you're still raising a family.

I hadn't connected the timing of the Greenspan interest rate drop with the bush tax cuts - I can understand the need to raise rates to encourage savings to make up for the loss of $ caused by the cuts, but raising them to make up for the infusion of $ into the marketplace-this would be to soak up $ to prevent inflation, right ?

Elaine Meinel Supkis

Yes, that is what happens. Lower taxes=higher interest rates. Proof this works is the disaster caused by the opposite.

Al

Elaine, you keep us informed but you always give a little hope too. Thanks.

tom

your writing is both educational and inspirational. you show the depth and range of perception possible when everywhere one gets mostly shallow commentary. you have my sincere appreciation for how much you add to my life. you're awesome!

Saul

Elaine:

First of all, I think your completely out of your mind. It would be helpful if you actually knew somthing about Fidelity Investments. Fidelity doesn't originate mortgages. They don't sell mortgages. Fidelity investments is not a mortgage company. They have 250 mutual funds and some of them (very few) invest in mortgage-back securities. Of their 250 plus mutual funds, only one has experienced year to date losses due to the sub prime debt sell-off. Most of their funds are up nicely this year. If you knew anything about investing you would know that securities including mortages can increase in value and decrease in value. That's why investors need to read about what their buying and decide how much risk they want to assume. It's not rocket science but since you pine for the old days of mom and pop stores and fear globalization I'm not sure you care about reality. Did you think that everyone should receive a guarantee when they make an investment that it will be worth more that what they paid?

Every mutual fund (from every US fund company) is required to deliver information on fees and risks in writing before an individual can invest in a fund. This is a US law. By the way, this law has been in place for many years. Even before your Bogeyman, George Bush arrived on the scene.

Also, Fidelity is probably the most sucessful firm in the financial services industry. They have the largest fund complex and the largest discount brokerage business in the US. I see on the web where they've grown their workforce by about 8000 employees in the last 4 years and they now employ 44000+. Many of these employees live in our communities, and do business in our shops. Our government ensures that they pay hefty income and property taxes which we all benefit from.

The alliance parters that you mention such as Think or Swim are firms that Fidelity does not own. They simply provide Fidelity customers access to services that these firms provide at a discount. Private companies like Fidelity usually don't buy many firms since they cannot use their own stock to acquire other companies. Fidelity usually grows from within, or they work with another company to provide a service to their clients that they don't. What's wrong with that? Oh, and I see on the web that Fidelity had net income last year of more than a billion dollars. If that's trouble...please give me some.

Also, just because the press comments that the CEO of the company, Ned Johnson should step aside and choose a successor doesn't mean he should do so. He's 77 years old and still running his own company. I'm sure he has succession plans that have been detailed to all those that need to know. I get a kick out of you and others in the media that love to tell private business owners when they should step down and pass their companies that they've built to someone else. I'd do just what Ned Johnson is doing if that's what I wanted.

Of course, you had to blame the Jews for something at the end of your long rant. Brilliant. You make so much sense we you write that we should have disarmed when we forced Sadam to do so. What a great idea. I can hear you now...Let's just disarm. Why can't we all just hug and make up? Good grief! I can see why you have such a huge following of beatniks (3) that have posted positive comments above. What a loser.

Dan

jose kanusee

Saul, do you work for fidelity? My wife, myself, and other family members have lost large sums of money using fidelity over the years.

blues

Elaine:

First of all, I think your completely out of your mind. — Saul (Dan?)

I like Elaine a lot. I scanned your screed and I have no intention of even looking into your supposed "facts." Anyone who would insult Elaine that way is not worthy of my reading time. Take your "facts" and insert them in some dark place.

And the proper English is "you're completely," not "your completely."

blues

Another thing, Saul (Dan?):

Your rant looks to be filled with alleged "facts," yet you provide no links to back them up. A casual glance at my posts would make it clear that when I make assertions, I usually provide many links to substantiate them.

So after you get your grammar issues straightened out, you might try your hand at finding some links to back up your "facts."

Elaine Meinel Supkis

I never said they orginated loans! HAHAHA. I said, they are part of the hell hound hedge fund funny money cylists and they hold or passed along a lot of trash. And they are an OCTOPUS or maybe a CENTIPEDE. With so many facets, I could write a dozen articles and still not cover all their bases. But I picked and chose some interesting tie-ins and alliances and conflicts of interest which makes Fidelity a fun place to run about, picking apart their complex organization. I want to thank the SEC for forcing these guys to tell the truth once in a blue moon. Heh.

Elaine Meinel Supkis

As for the 'Jewish' part: I was Mrs. Levy for many, many years and a part Jewish. I am very , very, VERY afraid of Naziism and Nazis and I know how they think because I look like a total Aryan as most half-Jewish Germans look like perfect Aryans as expounded by Hitler.


And so Nazi types don't hold back around me! They WANT to loot the Jews! And the Jews must worry about this, they are grossly outnumbered in the USA and are, if the Jews working for the Bushes stupidly continue to destroy our Constitution, they will bring upon themselved the fate they wanted to do to others: concentration camps like Gaza!

I fear this tremendously! For good reason! I am 1/2 German and my father's family in Germany was split by Jewish marriages which is why that half ended up in the USA! And my father testified at the Nuremburg trials. He saw many horrors. And one of his cousins ran a death camp! My god. What a mess.

Elaine Meinel Supkis

Oh, by the way, Saul/Dan, I have more readers across the planet than you think. Heh. And I want to thank every one of them for spending precious time here. I am aware of where readers come from and how long they stay, etc. And it is humbling and gratifying to see the statistics rise each month. This is a complex site with a wide range of topics and I am not a stereotypical person. I sometimes assume people are familiar with my whole body of work but this is very time consuming which is why I cover and recover the same ground regularily. But I have to avoid boring older readers. It is a difficult mix and I worry about this all the time.

DeVaul

Saul (aka Dan),

You are the true idiot. Do you not feel any remorse after being ordered by your creepy boss to attack someone you hardly know with unsubstanciated facts and ungrammatical gibberish?

If you tried to write a brochure for Fidelity Investments, Trump would fire you if he was in charge.

Why don't you actually read what Elaine wrote and then reply to specific points instead of waving your wand in hopes that all she says will just disappear.

And yes, we know that Fidelity does not technically "own" most of its subsidiaries and (I love this one) "alliance partners" outright because then they would be legally liable for the actions of their "allies".

We do appreciate your rant because we rarely get to hear from such deluded nincompoops like yourself. It reminds us very clearly of why we come to Elaine's website for real news instead of corporate lies.

Al

Saul/Dan,
What DeVaul said. Also, your final paragraph indicates your political ignorance is on a similar level with your economic ignorance. And as one of the "beatniks" I'd also like to point out that your grammar sucks. English is my second language yet I express myself without embarrassing those who read my posts.

Elaine Meinel Supkis

Al, you just aroused my curiosity. What is your first language?

Al

Hi Elaine, Spanish is what I spoke when I was a kid. My father was Indian but his family lived near the border and spoke Spanish. My aunts did much of raising me when I was little. When I went back to the city (LA)I learned English and that was about all I spoke afterwards. Spanish-speaking was discouraged growing up in the fifties. It's nice to see young people speak it proudly now.

blues

From the Prison Planet link:

The 16-page document also reveals that the ATF’s Project Disarm Task Force has been investigating the man since mid-April, and that a mental health investigation found he was “suffering from delusions with persecutory tendencies.”

Investigators believe the man thought the global economy was on the verge of a collapse that would result in widespread violence, the affidavit says.

I presume Alex Jones is just wondering why a giant federal task force is going after one guy with a lot of ammo. That would be his angle. It would seem to be a job for the local cops. The odd thing is that the State of New York would have to after giant corporations. All my life it was the feds who did that; and they used to do it all the time.

This is peculiar to me because I was once very close with a rather large cult, which actually was a very benign and friendly cult. The people in it just seemed to need someone to sell them on odd notions about flying saucers and such. In fact, the way things seem to be going, I probably need someone to do that about now. But they had absolutely no tendency to harm any one. The people in the little town thought I was foolish, perhaps sinful, to have anything to do with them. But they had all kinds of interesting, albeit nutty, ideas.

But seeing how these things work, I am sure there are lots of outfits that are far from benign. Maybe I'm a bit paranoid, but the Manson type groups must be out there. And people must know who those groups are. For example, giant corporations somehow knew that my friends in the little cult were harmless, as they would pay them to give seminars!

If I ran a huge corporation, I don't think I would invite strange little cults to meetings. At some point, it's all a big X-files scenario. But what do I know?

Cato

Saul,

You write like a cover-up artist out of Fidelity’s Investor Relations department. Let’s just say that your premise is true and most of Fidelity’s 250 funds do not invest in mortgage-backed securities. Fidelity does business with many company pension and 401k plans to provide investment services to their workers. Many plans do not give the rank and file employee access to all Fidelity funds. Instead employees are corralled into limited and select funds that, wouldn’t you know it, are loaded with mortgage-backed securities and other crap. And I think you know that.

How many big-shot fund managers have had enough clout to say no to MBS, ABS and CDOs stuffed down their throats and into their portfolios? It’s not hard to figure out. Just get all the fund prospectuses and analyze the investments. That’s your homework assignment. I’m too busy moving pixels around the screen.

Elaine Meinel Supkis

Fidelity DOES have subprime exposure. I saw it inside their SEC data. I thought it would be too messy to publish. But maybe I should have.


And Al, I spoke several languages in the past, am fluent in German. Viva Zapata! Heh. I lived next to Mexico much of my youth and I love the music, love the beer, love the art and love the people.

Al

Yes Emiliano Zapata was a great man. And don't forget the best food in the world ! Eat with tortillas and never use a fork, sing and dance around till you drop. Pre-NAFTA anyways.
ten cuidado
(take care)

Elaine Meinel Supkis

My first babysitter was a wonderful Chinese woman but my second was not only Mexican but Indian Mexican and she taught me to adore the cuisine. I still love it very much.

Chantal

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