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"There's gonna be Hell,
When you hear mother freedom start ringing the bell.
It's gonna feel like the whole wide world is raining down on you...
Brought to you courtesy of the Red, White, ad Blue."
-Toby Kieth
My regular readers have to be surprised that a Toby
Keith lyric would start off my column. Mr. Keith and I disagree on
several topics but Toby advanced his career taking up the cause of
soldiers. He would not be happy to know that a billion dollar company
is taking advantage of them.
Last
week, I wrote about the Fidelity mutual funds selling a product called
contractual mutual funds to armed services personnel. Fidelity has
gotten away with it as the product is hard to understand but I put a
special section on my web site www.donmcnay.com
to help explain it. Most investment professionals would not allow their
clients to put money in a product that pays 50% to the people selling
it.
I
took Peter Lynch, Fidelity's Vice-Chairman to task for allowing
Fidelity to sell it to people who are putting their lives on the line
for us.
Peter
Lynch is a famous multi millionaire who hangs out with Hollywood stars.
He does not care what some writer in Kentucky thinks about him.
Fidelity is making big profits by selling the funds.
If we want to help our soldiers, it will take a group effort to get Lynch's attention.
Instead
of Toby Keith, I almost used another country song, Randy Travis's
"Points of Light." There is a line in that song that describes why I
want you to help.
If you see what's wrong
and you try to make it right
You will be a point of light
I can't pull this off by myself. I need your help. I need a "thousand
points of light," or at least one or two points of light, to get Lynch
to notice us.
Lynch may do the right thing if enough people let him know we care. I have three different strategies to get his attention.
1.
Write or call Peter Lynch directly. Ask Peter to quit selling their
Fidelity Destiny II fund, (their contractual fund) to soldiers. Peter
doesn't give out his phone number or his email but Fidelity has an
office staffed with public relations flunkies. They can forward a
message. You can email at
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or call ( 617) 563-5800. You can tell them to look at my web site ( www.donmcnay.com ) for more information.
2. Since Peter is not taking calls, a way to get his attention is to
let people in Congress know about the problem. Fidelity is regulated at
the federal and state levels and doesn't want those people mad at them.
Congressman Ben Chandler, a semi-regular reader of this column,
showed he was not afraid to go after special interests when he was
Kentucky 's Attorney General. You can email him at
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or
call his Lexington office at 859-219-1366. Senator Mitch McConnell,
one of the most powerful Senators in Washington , has to be concerned
about soldiers stationed at Fort Campbell and Fort Knox . He can call
Peter Lynch on the carpet anytime he feels like it. Give him a call at
his Lexington office ( 859) 224-8286 or send him an email at
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3.
I'll bet you didn't know that Fidelity was one of Kentucky 's largest
employers. It employs over 4000 people in Northern Kentucky and got
some big tax breaks to be there. Since they got those breaks from the
state of Kentucky , it might be a good idea to let our State
Representative Harry Moberly and Governor Ernie Fletcher know how you
feel. You might also suggest that Kentucky ban contractual mutual
funds. There are a lot of soldiers in the state and at least it would
help them.
If you contact anyone, send me an email at
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and let me know. It is our duty as Americans to let Peter Lynch know
that our armed services people deserve better. I want Lynch to get so
many messages that he thinks that the whole wide world is raining down
on him. Tell him it is brought to him courtesy of the Red, White and
Blue. Don McNay is President of McNay Settlement Group where Peter
Lynch doesn't work. You can write to him at
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and find other things he has written at www.donmcnay.com He has more information about Fidelity and contractual mutual funds on that site.
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