Major Investor Losses Due to Conflicted Advice: Brokerage Industry Advertising Creates the Illusion of a Fiduciary Duty

(Excerpt) No national standard exists today requiring brokerage firms to put their clients’ interests first by avoiding making profits from conflicted advice. In the five years since the passage of the Dodd Frank Act, inaction by the Securities and Exchange Commission (SEC) on a fiduciary standard has cost American investors nearly $80 billion, based on estimated losses of$17 billion per year. Amid encouraging recent signs of possible action from the Department of Labor and the SEC, there is a compelling case to be made for a ban on conflicted advice in order to protect investors. In the absence of such a standard, brokerage firms now engage in advertising that is clearly calculated to leave the false impression with investors that stockbrokers take the same fiduciary care as a doctor or a lawyer. But, while brokerage firms advertise as though they are trusted guardians of their clients’ best interests, they arbitrate any resulting disputes as though they are used car salesmen. A review by the Public Investors Arbitration Bar Association (PIABA) of the advertising and arbitration stances of nine major brokerage firms – Merrill Lynch, Fidelity Investments, Ameriprise, Wells Fargo, Morgan Stanley, Allstate Financial, UBS, Berthel Fisher, and Charles Schwab – finds that all nine advertise in a fashion that is designed to lull investors into the belief that they are being offered the services of a fiduciary. For example, Merrill Lynch advertises as follows: “It’s time for a financial strategy that puts your needs and priorities front and center.” Fidelity Investments appeals to investors with these words: “Acting in good faith and taking pride in getting things just right. The personal commitment each of us makes to go the extra mile for our customers and put their interests before our own is a big part of what has always made Fidelity a special place to work and do business.” Nonetheless, all nine brokerage firms using the fiduciary-like appeals in their ads eschew any such responsibility when it comes to battling investor claims in arbitration. Adding to the confusion is the fact that five of the eight brokerage firms – Ameriprise, Merrill Lynch, Fidelity, Wells Fargo, and Charles Schwab – have publicly stated that they support a fiduciary standard. But these firms are every bit as vociferous as the other four brokerages in denying that they have any fiduciary obligation when push comes to shove in an arbitration case filed by investors who have lost some or all of their nest egg due to conflicted advice. In this atmosphere of misleading advertising and a complete disavowal by brokerage firms of the same ad claims in arbitration, investor losses will continue to mount at the rate of nearly $20 billion per year until the SEC and DOL prescribe the long-overdue remedy: a “fiduciary duty” standard banning conflicted advice

Intense physical activity is associated with cognitive performance in the elderly

Numerous studies have reported positive impacts of physical activity on cognitive function. However, the majority of these studies have utilised physical activity questionnaires or surveys, thus results may have been influenced by reporting biases. Through the objective measurement of routine levels of physical activity via actigraphy, we report a significant association between intensity, but not volume, of physical activity and cognitive functioning. A cohort of 217 participants (aged 60–89 years) wore an actigraphy unit for 7 consecutive days and underwent comprehensive neuropsychological assessment. The cohort was stratified into tertiles based on physical activity intensity. Compared with individuals in the lowest tertile of physical activity intensity, those in the highest tertile scored 9%, 9%, 6% and 21% higher on the digit span, digit symbol, Rey Complex Figure Test (RCFT) copy and Rey Figure Test 30-min recall test, respectively. Statistically, participants in the highest tertile of physical activity intensity performed significantly better on the following cognitive tasks: digit symbol, RCFT copy and verbal fluency test (all P<0.05). The results indicate that intensity rather than quantity of physical activity may be more important in the association between physical activity and cognitive function

Effect of water immersion temperature on heart rate variability following exercise in the heat

This study compared the effect of passive rest (CON) and water immersion at 8.6±0.2°C (CWI9), 14.6±0.3°C (CWI15) and 35.0±0.4°C (thermoneutral water immersion [TWI]) on post-exercise heart rate variability (HRV) indices. In a climate chamber (32.8±0.4°C, 32±5% relative humidity), nine men completed 25 min of cycling at the first ventilatory threshold and repeated 30-second bouts at 90% of peak power followed by a 5-minute recovery treatment in a randomised crossover manner. All water immersion re-established the HRV indices (natural logarithm of the square root of the mean sum squared differences between RR intervals [ln rMSSD], low-frequency [lnLF] and high-frequency power densities [lnHF] and Poincaré plotderived measures [lnSD1 and lnSD2]) to the pre-exercise levels at 60 min post immersion; however, only CWI9 accelerated parasympathetic reactivation during immersion. CWI9 increased lnLF and lnSD2 during immersion when compared with CON (p0.80) on all HRV indices during immersion when compared with CON, between-conditions differences were observed only in lnLF and lnSD2 (p=.017-.023). CWI15 had a large positive ES on ln rMSSD and lnSD1 when compared with CON (both p=.064). Sympathovagal antagonism (i.e., SD ratio<0.15) did not occur during CWI9 and CWI15. Hence, both CWI treatments are effective means of enhancing post-exercise parasympathetic reactivation, but CWI9 is likely to be more effective at increasing post-exercise cardiac vagal tone

Effect of water immersion temperature on heart rate variability following exercise in the heat

This study compared the effect of passive rest (CON) and water immersion at 8.6±0.2°C (CWI9), 14.6±0.3°C (CWI15) and 35.0±0.4°C (thermoneutral water immersion [TWI]) on post-exercise heart rate variability (HRV) indices. In a climate chamber (32.8±0.4°C, 32±5% relative humidity), nine men completed 25 min of cycling at the first ventilatory threshold and repeated 30-second bouts at 90% of peak power followed by a 5-minute recovery treatment in a randomised crossover manner. All water immersion re-established the HRV indices (natural logarithm of the square root of the mean sum squared differences between RR intervals [ln rMSSD], low-frequency [lnLF] and high-frequency power densities [lnHF] and Poincaré plotderived measures [lnSD1 and lnSD2]) to the pre-exercise levels at 60 min post-immersion; however, only CWI9 accelerated parasympathetic reactivation during immersion. CWI9 increased lnLF and lnSD2 during immersion when compared with CON (p\u3c.05). Although CWI9 had a large positive effect size (ES\u3e0.80) on all HRV indices during immersion when compared with CON, between-conditions differences were observed only in lnLF and lnSD2 (p=.017-.023). CWI15 had a large positive ES on ln rMSSD and lnSD1 when compared with CON (both p=.064). Sympathovagal antagonism (i.e., SD ratio\u3c0.15) did not occur during CWI9 and CWI15. Hence, both CWI treatments are effective means of enhancing post-exercise parasympathetic reactivation, but CWI9 is likely to be more effective at increasing post-exercise cardiac vagal tone

A spatial dissection of the Arabidopsis floral transcriptome by MPSS

<p>Abstract</p> <p>Background</p> <p>We have further characterized floral organ-localized gene expression in the inflorescence of <it>Arabidopsis thaliana </it>by comparison of massively parallel signature sequencing (MPSS) data. Six libraries of RNA sequence tags from immature inflorescence tissues were constructed and matched to their respective loci in the annotated <it>Arabidopsis </it>genome. These signature libraries survey the floral transcriptome of wild-type tissue as well as the floral homeotic mutants, <it>apetala1, apetala3, agamous</it>, a <it>superman/apetala1 </it>double mutant, and differentiated ovules dissected from the gynoecia of wild-type inflorescences. Comparing and contrasting these MPSS floral expression libraries enabled demarcation of transcripts enriched in the petals, stamens, stigma-style, gynoecia, and those with predicted enrichment within the sepal/sepal-petals, petal-stamens, or gynoecia-stamens.</p> <p>Results</p> <p>By comparison of expression libraries, a total of 572 genes were found to have organ-enriched expression within the inflorescence. The bulk of characterized organ-enriched transcript diversity was noted in the gynoecia and stamens, whereas fewer genes demonstrated sepal or petal-localized expression. Validation of the computational analyses was performed by comparison with previously published expression data, <it>in situ </it>hybridizations, promoter-reporter fusions, and reverse transcription PCR. A number of well-characterized genes were accurately delineated within our system of transcript filtration. Moreover, empirical validations confirm MPSS predictions for several genes with previously uncharacterized expression patterns.</p> <p>Conclusion</p> <p>This extensive MPSS analysis confirms and supplements prior microarray floral expression studies and illustrates the utility of sequence survey-based expression analysis in functional genomics. Spatial floral expression data accrued by MPSS and similar methods will be advantageous in the elucidation of more comprehensive genetic regulatory networks governing floral development.</p

Single nucleotide polymorphism-based genome-wide chromosome copy change, loss of heterozygosity, and aneuploidy in Barrett's esophagus neoplastic progression.

Chromosome copy gain, loss, and loss of heterozygosity (LOH) involving most chromosomes have been reported in many cancers; however, less is known about chromosome instability in premalignant conditions. 17p LOH and DNA content abnormalities have been previously reported to predict progression from Barrett's esophagus (BE) to esophageal adenocarcinoma (EA). Here, we evaluated genome-wide chromosomal instability in multiple stages of BE and EA in whole biopsies. Forty-two patients were selected to represent different stages of progression from BE to EA. Whole BE or EA biopsies were minced, and aliquots were processed for flow cytometry and genotyped with a paired constitutive control for each patient using 33,423 single nucleotide polymorphisms (SNP). Copy gains, losses, and LOH increased in frequency and size between early- and late-stage BE (P 30% in early and late stages, respectively. A set of statistically significant events was unique to either early or late, or both, stages, including previously reported and novel abnormalities. The total number of SNP alterations was highly correlated with DNA content aneuploidy and was sensitive and specific to identify patients with concurrent EA (empirical receiver operating characteristic area under the curve = 0.91). With the exception of 9p LOH, most copy gains, losses, and LOH detected in early stages of BE were smaller than those detected in later stages, and few chromosomal events were common in all stages of progression. Measures of chromosomal instability can be quantified in whole biopsies using SNP-based genotyping and have potential to be an integrated platform for cancer risk stratification in BE

A Working Conference on Students with Disabilities in STEM Coursework and Careers

Background: Few teachers and special education specialists are aware of the materials and resources available to support science; technology; engineering; and mathematics instruction for the scattered and isolated 3000 students with sensory and motor disabilities in Iowa\u27s K-12 schools. Additionally; faculty at many community colleges and regent institutions are not aware of possible accommodations for their students with disabilities who have interests in pursuing STEM careers. Unfortunately; this often leads to discouragement and lack of success for students with motor or sensory disabilities. This conference brings together experts and conference attendees involved in instruction; support; or transitions for these students with sensory or mobility disabilities to plan ways to remedy the problem. Purpose: This document provides a summary of a two-day conference related to assisting secondary and post-secondary students with disabilities in Science; Technology; Engineering; and Mathematics (STEM) areas. Highlights of the conference and the need for self-advocacy of students with disabilities are included in the narrative. In particular; this conference focused on students with sensory and mobility disabilities; including students with vision impairments; hearing impairments; students using wheelchairs; and students with movement-related health and motor impairments. The purpose of this two-day working conference was to stimulate dialog to (a) improve attitudes toward; (b) investigate ways to better support; and (c) plan accommodations/supports for students with disabilities who have interests in Science; Technology; Engineering and Mathematics (STEM); in secondary and post-secondary settings. This included examining ways to support students with STEM interests transitioning from high school to post-secondary education; investigating ways to support students with STEM interests transitioning from community colleges into STEM majors in 4-year colleges and universities; exploring options for resolution of issues; and advancing recommendations for improving the quality of STEM education for students with disabilities. Setting: The conference took place at the University of Northern Iowa on April 1st and 2nd; 2009. Study Sample: A group of 67 professionals from across the state of Iowa and from Midwestern institutions with exemplary programs were invited as collaborative partners. The professional positions of these individuals included high school science teachers instructing students with disabilities; special education support staff; persons from post-secondary offices of student disabilities; community college and four-year institution STEM instructors/professors; with high school; college; and matriculated students with disabilities; and engineering students in senior design (with research projects focused on wheelchair modifications and other mechanical aids for students with mobility impairments); and representatives from business and industry. The conference was also attended by 159 preservice teachers. Research Design: This is a descriptive conference report with quantitative and qualitative conference evaluation responses. Data Collection and Analysis: The two-day conference was organized to include three 30 to 50 minute panel presentations each day followed by 15 to 20-minute eight person table discussions. Attendees addressed critical issues through panel presentations. Discussions addressed focus questions in small groups related to the panel members\u27 presentations. Responses from these discussions were recorded by volunteers typing into laptop computers during the discussions. Responses to these questions are reported elsewhere (Rule & Stefanich; in review; Rule; Stefanich; & Boody; in review). Data for this report were obtained from responses to questions on a post-conference evaluation form. These ratings were tabulated and remarks were qualitatively sorted into groups. Findings: Participant comments and ratings on the conference evaluation indicate that the organizers were successful in providing speakers who presented interesting; useful information for stimulating discussions. The most often-reported participant comment was that the conference provided an ideal setting for networking for professionals working with students with disabilities. Overall conference ratings were high; also supporting conference efficacy. Conclusion: Response to the conference from professional participants was overwhelmingly positive. Future conferences should provide opportunities for participants to try out assistive technology and provide more discussion of classroom supports. (Contains 5 tables.) [Appended is: Remarkable Technology: Handout from the Iowa Center for Assistive Technology Education and Research.