Ironwood Daily Globe from Ironwood, Michigan on September 2, 1998 · Page 12
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Ironwood Daily Globe from Ironwood, Michigan · Page 12

Ironwood, Michigan
Issue Date:
Wednesday, September 2, 1998
Page 12
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Page 12 article text (OCR)

THE DAILY GLOBE, Ironwood, Ml — Wednesday, Sept. 2,1998 What many older investors don't know could hurt them By MARCV GORDON AP Business Writer WASHINGTON (AP) — What many older investors do not know about how stockbrokers are paid could hurt them, according to a survey by the nation's largest lobbying group for seniors. While most older investors know that brokers ai e paid in commissions, they havi,- a limited understanding of the details of brokers' compensation anc how that could affect the advice they get, the survey released Thursday by the American Association of Retired Persons showed. The AARP warned that seniors' lack of knowledge may leave them unaware of potential conflicts of interest that could make brokers work against them: Women aged 50 and over in particular "have serious gaps in their understanding of the (broker) compensation system," said the study based on interviews with 827 people in that age group who own securities. Retired couple appreciated by senator (Continued from Page 2) So Cole reads a bill and "boils it down in a concise, understandable form" for Tyson. By putting Cole's 40-plus ( years of legal experience to work Tyson has become somewhat the envy of the Senate. Senate President Dick Bond said.he plans to seek an older intern for his office. Sen. Stan Clark, whose office is close to Tyson's, said he has been trying for two years to recruit a retired lawyer to help him. "College students benefit through the experience, and they can use it as a springboard to some other positions," Clark said. "The Coles are doing this out of pure love, to pay back the state of Kansas." There are 112 unpaid interns serving 165 legislators. All but just a fow are undergraduates at Washburn, Kansas or Kansas State universities, or law students at Kansas or Washbum. They track legislation and issues, help constituents and perform office duties. Students must work around their class schedules, while seniors can be there full-time, and bring maturity as well as experience to the job. "I think retired people have something to contribute," Cole said of his Statchouse experience.. "We really enjoy it, and feel like we're doing something that counts." The survey came just days after Arthur Levitt Jr., the Securities and Exchange Commission chairman, threatened to clamp down on broker pay practices — such as higher commissions for higher-risk investments — that can create conflicts of interest. In 1995, Levitt urged the securities industry to change such practices voluntarily. But his frustration' with the industry's response led him to threaten to impose new regulations. "We simply must accelerate efforts to reduce or eliminate conflicts of interest between brokers and their clients," Levitt told a securities industry group Monday in Scottsdale, Ariz. Excessive incentives for brokers "can create strong pressures not only to sell, but to sell anything," he said. Among the AARP survey's findings: —Only about one in three older investors (36 percent for both men and women) know brokers often get higher commissions for selling higher-risk investments. —More than a third (39 percent) do not know their initial investment is reduced by the broker's commission. That represented 47 percent of women investors and 33 percent of the men. —More than a third (37 percent) do not know the term "load" refers to a sales charge. For women it was 53 percent; for men, 25 percent. (See—AARP, Page 12) Pages Abused elderly die sooner CHICAGO (AP) — Older people who had been abused died at triple the rate of other elders during a 13-year study, researchers say. The study of 2,812 men and women over the age of 65 is the first to gauge the effect of elder abuse outside institutions, said the researchers. Their findings appear in Wednesday's Journal of the American Medical Association, a theme issue on violence. Interestingly, no deaths among abused subjects occurred from inflicted injury, said researchers led by Dr. Mark S. Lachs of Cornell University Medical College in New York. Rather, deaths among all the men and women studied resulted from heart disease, cancer, lung disease, accidental injuries and poisonings, researchers said. The study involved residents of New Haven, Conn., who were over age 65 when the study began in 1982. The state has the nation's oldest law requiring elder abuse to be reported to authorities. Researchers said there were 10 confirmed cases of abuse, 30 cases of neglect, eight cases of exploitation — defined as taking advantage of an older person for profit — and 128 cases of self-neglect. Over 13 years of followup, survival among the first three groups was 9 percent, compared to 17 percent among self-neglected subjects and 40 percent among others. After adjusting for other differences affecting life expectancy, such as age, mistreated subjects had triple the death rate of well- treated ones, authors said. Mistreatment may be a form of "negative social support" that creates enough stress to hasten death from other causes, authors Raid. STATE LINE INSURANCE 502 Copper Street, Suite #4, Hariey, W1 Carol Kraal • HOME •AL/TO • BUS/NESS • LIFE • HEALTH • MEDICARE SUPPLEMENT Stop and *•• U* for • Fr«« Unc«nd!t!»i»««l Qw«t«. Serving Mkbtgia & WUconsIa With All Lines Of (715) 561-2266 or (800) 561-2269 Ask for Fayc or Judy. Account Exccirtivts Three Allen brothers (can anyone guess which three without looking?) pose for this photo taken in the early 1900s. Seated are, from left, August Allen, clarinet, and an unknown baritone player, with Frank and Ivar. Ivar is the father of Lindy Allen, Bessemer, who brought in the photo. Lindy says the three brothers came to the United States from Finland around 1903 or 1904. Lindy would like to know if anyone recognizes the uniforms or the fourth person. s, I ores, Elder Care The alternative.. .far people who want the very best • Newly constructed facility • • Assistance with bathing and dressing •Assistance with toileting •Assistance with mobility • Laundry Service •Health monitoring, medications administration • Transportation to medical appointment " M/^'f * nd sem >-P"vate rooms & restrooms •Wheelchair accessible •Outdoorsitting area with a beautiful view • In house beauty shop •Ample dining, activity, and sitting areas • Intercom systems in all rooms • Call lights •Physical, occupational, speech therapy available Call Now! Limited Openings Available! We are kxatad on the corner erf 10th Street and 15th Avenue West, Ashland, Wisconsin 715-682-9304 State Licensed

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