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Family First: How The Owners Of Fidelity Get Richer At Everyday Investors’ Expense
FYI: The billionaire Johnson clan has a private venture capital arm that competes directly for lucrative deals with the Fidelity funds in which millions of Americans put their nest eggs. Corporate governance specialists say the arrangement poses a troubling conflict of interest. Regards, Ted http://www.reuters.com/investigates/special-report/usa-fidelity-family/
Thanks for the warning, but that is perfectly legal to invest (at a much lower price) before IPO. Also notice that Fidelity owns a sizable stake of Alibaba with $610 M unrealized gain.
Inside The 2016 Forbes 400: Facts And Figures About America's Richest People #29 Abigail Johnson $13.2 B 54 Milton, MA money management CEO of mutual fund giant Fidelity, with $1.8 trillion in assets. Abigail Johnson replaced her father, Edward "Ned" Johnson, III in 2014, and became the third-generation Johnson to lead the company. Her grandfather Edward Johnson II founded the company in 1946. Today Fidelity is the nation's second-largest mutual fund giant (behind Vanguard). Abigail worked summers at Fidelity throughout college. She joined the company full-time in 1988 as an analyst #68 Edward Johnson, III. $7.1 B 86 Boston, MA money management #76 Charles Schwab $6.6 B 79 Atherton, CA discount brokerage #105 Charles Johnson $5 B 83 Palm Beach, FL money management
More Than 10% Of The Forbes 400 Are Immigrants, 14 Of Whom Are Richer Than Trump
#156 Donald Trump $3.7 B 70 New York, NY television, real estate M* Founder #321 Joe Mansueto $2.2 B 60 Chicago, IL investment research #335 Ron Baron $2.1 B 73 New York, NY money management
if there is a better product and ethical fund company then invest there. I work under the assumption everyone is a crook, and I have to live on this planet.
All prospectuses and SAIs, clearly list conflict of interest. They basically tell you people may end up behaving badly, and you can look at that information, and not invest. Problem is we have to invest.
Because Fidelity is privately owned, the Johnsons are Evil. Sure. Stumpf is evil by that definition, too. Leave WFC, Leave Fido. Or use their brokerage and don't invest in Fido funds (which is what I do).
Keep in mind Alibaba investment could have tanked. THEN if fidelity fund had still purchased alibaba, what would the article say? Fidelity managers tried to support price of alibaba till the Johnson's got out of Alibaba?
It is going to be impossible to prove in court of law Fido did anything wrong. What they are doing has to be legal, or they wouldn't do it. Legal does not make it Right, but it is what it is. Needless to say, anyone outraged at this should first sell all his Fido holdings and then vent. Else, spend your time and mental collateral on something else.
I keep getting outraged when i recall congress refused to pass law that prevented members of congress from insider trading. What do I do? Stop voting for congress? Does not help does it?
Comments
#29 Abigail Johnson $13.2 B 54 Milton, MA money management
CEO of mutual fund giant Fidelity, with $1.8 trillion in assets. Abigail Johnson replaced her father, Edward "Ned" Johnson, III in 2014, and became the third-generation Johnson to lead the company. Her grandfather Edward Johnson II founded the company in 1946. Today Fidelity is the nation's second-largest mutual fund giant (behind Vanguard). Abigail worked summers at Fidelity throughout college. She joined the company full-time in 1988 as an analyst
#68 Edward Johnson, III. $7.1 B 86 Boston, MA money management
#76 Charles Schwab $6.6 B 79 Atherton, CA discount brokerage
#105 Charles Johnson $5 B 83 Palm Beach, FL money management
More Than 10% Of The Forbes 400 Are Immigrants, 14 Of Whom Are Richer Than Trump
#156 Donald Trump $3.7 B 70 New York, NY television, real estate
M* Founder
#321 Joe Mansueto $2.2 B 60 Chicago, IL investment research
#335 Ron Baron $2.1 B 73 New York, NY money management
http://www.forbes.com/forbes-400/list/4/#version:static
if there is a better product and ethical fund company then invest there. I work under the assumption everyone is a crook, and I have to live on this planet.
All prospectuses and SAIs, clearly list conflict of interest. They basically tell you people may end up behaving badly, and you can look at that information, and not invest. Problem is we have to invest.
Because Fidelity is privately owned, the Johnsons are Evil. Sure. Stumpf is evil by that definition, too. Leave WFC, Leave Fido. Or use their brokerage and don't invest in Fido funds (which is what I do).
Keep in mind Alibaba investment could have tanked. THEN if fidelity fund had still purchased alibaba, what would the article say? Fidelity managers tried to support price of alibaba till the Johnson's got out of Alibaba?
It is going to be impossible to prove in court of law Fido did anything wrong. What they are doing has to be legal, or they wouldn't do it. Legal does not make it Right, but it is what it is. Needless to say, anyone outraged at this should first sell all his Fido holdings and then vent. Else, spend your time and mental collateral on something else.
I keep getting outraged when i recall congress refused to pass law that prevented members of congress from insider trading. What do I do? Stop voting for congress? Does not help does it?