Fidelity Investments

From SourceWatch
(Redirected from Fidelity)
Jump to: navigation, search

Learn more about corporations VOTING to rewrite our laws.

Fidelity Investments, also called FMR Corp., is a financial services conglomerate. It is one of the world's largest mutual fund companies. It has over 300 funds with 22 million individual and institutional investors. It manages mores that $1.2 trillion. It also has an online discount brokerage site and has investor centers throughout the U.S. and Canada and in Europe and Asia. FMR was founded by the Johnson family which currently controls most of the company. Abigail Johnson, one of the richest women in the U.S., is the daughter of and possible successor to Chairman and CEO Edward C. (Ned) Johnson III. [1]

In August 2005 O'Dwyers PR Daily reported that Fidelity Investments had hired Hill & Knowlton "as its lobbyist dealing with Securities and Exchange Commission regulations." It reported that the two H&K staff managing the account were Frank Mankiewicz and Gary Hymel and that the company was under investigation by the SEC over receiving gifts and gratuities from brokers.[2] In March 2008 the SEC "charged fund manager Fidelity Investments and 13 current or former employees including high-ranking executives for improperly accepting more than $1.6 million in travel, entertainment, and other gifts paid for by outside brokers courting the massive trading business Fidelity generates on behalf of the mutual funds it manages."[3]

Ties to the American Legislative Exchange Council

Fidelity Investments has been a corporate funder of the American Legislative Exchange Council (ALEC)[4], and was a "Vice Chairman" level sponsor of ALEC's 1998 Annual Meeting[5]. See ALEC Corporations for more.

About ALEC
ALEC is a corporate bill mill. It is not just a lobby or a front group; it is much more powerful than that. Through ALEC, corporations hand state legislators their wishlists to benefit their bottom line. Corporations fund almost all of ALEC's operations. They pay for a seat on ALEC task forces where corporate lobbyists and special interest reps vote with elected officials to approve “model” bills. Learn more at the Center for Media and Democracy's ALECexposed.org, and check out breaking news on our PRWatch.org site.


Political contributions

In 2004 James P. MacGilvray, then President of Fidelity Investments, was a Bush Pioneer (see Bush's Rangers) having raised at least $100,000 for Bush in the presidential election.

David C. Weinstein, Chief of Administration of Fidelity Investments, was another Bush Pioneer. [6]

In the 2006 election FMR gave $475,500 to federal candidates through its political action committee - 43% to Democrats and 57% to Republicans. [7]

Lobbying

The company spent $1,610,000 for lobbying in 2006. Seven lobbying firms along with in-house lobbyists were used. [8]

Personnel

Key executives: [9]

Contact details

82 Devonshire St.
Boston, MA 02109
Phone: 617-563-7000
Fax: 617-476-6150
Web: http://www.fidelity.com

Resources and articles

Related Sourcewatch articles

References

  1. FMR Profile, Hoovers, accessed July 2007.
  2. "Fidelity Hires Hill & Knowlton", O'Dwyers PR Daily, August 25, 2005. (Sub req'd).
  3. [http://www.sec.gov/news/press/2008/2008-32.htm SEC Charges Fidelity, Executives and Employees for Improperly Accepting Lavish Gifts Paid For by Brokers"], Media Release, March 5, 2008.
  4. Defenders of Wildlife, Natural Resources Defense Council, "Corporations and Trades Associations that Fund ALEC," Corporate America's Trojan Horse in the States: The Untold Story Behind the American Legislative Exchange Council, online report, 2003
  5. American Legislative Exchange Council, 25th Annual Meeting, organizational brochure, August 18-22, 1998, archived in Tobacco Library, accessed April 2012
  6. Pioneers and Rangers, Texans for Public Justice, accessed July 2007.
  7. 2006 PAC Summary Data, Open Secrets, accessed July 2007.
  8. FMR Corp lobbying expenses, Open Secrets.
  9. FMR Key People, Hoovers, accessed July 2007.
This article is a stub. You can help by expanding it.