Send a Tweet
Most Popular Choices
Share on Facebook 3 Share on Twitter Printer Friendly Page More Sharing
OpEdNews Op Eds   

My Loss: Whose Gain? A Case of Disappearing Stock

By       (Page 1 of 4 pages)     (# of views)   11 comments
Author 81193
Message J.L. Morin
Become a Fan
  (4 fans)
'Beach Word'
'Beach Word'
(Image by Ice)
  Details   DMCA

'Beach Word' by Ice

This article first appeared in the Huffington Post on 2 January 2013

 



When I graduated, my father gave me 15 shares of Schering-Plough stock. It seemed like a rock-solid move. My father was getting older and appreciated the relevance of pharmaceuticals that could only get stronger as we baby boomers ripened into our golden years...

 

Several career changes later, I had lived all over the world, kissed under Tokyo cherry blossoms, endured the August heat of Dubai. Back in the west, I recently called the Bank of New York (BONY), where my shares were last seen.

 

I was told that when Merck & Co. merged with Schering-Plough in 2009, it had turned its shares over to Wells Fargo, the bank now managing Merck shares.

 

Wells Fargo did not agree. "That account number isn't one from our system," a Wells Fargo representative told me. "We have different account numbers." The stock was not at Wells Fargo. "We must not have been able to get in touch with you over an extended period," the representative explained.

 

Since when is stock something that you have to check on every year? Stocks are touted as instruments that you put away and forget about while they grow.

 

Not so, the representative said. If the bank cannot verify your whereabouts, it turns the stock over to the government. 

I do not have my stock anymore. Don't tell me it just disappeared--poof. Who has the 'missing' money? Greedy bankers? The US government? The NYPD? Like the losses taxpayers are now struggling to replace, it went somewhere.

Next Page  1  |  2  |  3  |  4

 

Must Read 2   Well Said 2   Interesting 2  
Rate It | View Ratings

J.L. Morin Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

J.L. Morin is the author of the award-winning epic tale of two teens in a fight to save a warming planet, the universe...and their love -- NATURE'S CONFESSION; "Occupy's First Bestselling Novel" TRADING DREAMS, a #1 bestseller in 'Political (more...)
 

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
Name
Email
   (Opens new browser window)
 

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The Free Thinker: Why Vote?

4 Things You Must Remember to Escape Nietzsche's "Slave Morality'

Job Creation for the Power Crazy

Voting is compulsory in over 25 countries

How Do You Finance Your Writing Habit?

My Loss: Whose Gain? A Case of Disappearing Stock