Wednesday, 13 May 2026

Rep. Thomas Massie: Battling the Treachery of Trump’s Republican Party

 
 

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Date: Wed, May 13, 2026 at 4:50 PM
Subject: Automatic reply: Rep. Thomas Massie: Battling the Treachery of Trump’s Republican Party
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---------- Original message ---------
From: David Amos <david.raymond.amos333@gmail.com>
Date: Wed, May 13, 2026 at 4:46 PM
Subject: Rep. Thomas Massie: Battling the Treachery of Trump’s Republican Party
To: <press@thomasmassie.com>
Cc: <minister-ministre@fin.gc.ca>, <Roger.Sobotkiewicz@gov.sk.ca>, <Fred.Pretorius@yukon.ca>, <David.Harrison@novascotia.ca>, <INQUIRIES@osc.gov.on.ca>, <pm@pm.gc.ca>, <Michael.Duheme@rcmp-grc.gc.ca>, <twolabradors@shaw.ca>, <John.Williamson@parl.gc.ca>


 
 
 

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Rep. Thomas Massie: Battling the Treachery of Trump’s Republican Party, AIPAC, and the Epstein Class

Tucker Carlson

May 6, 2026
Thirteen days from now, Thomas Massie will prove whether or not pro-American politics are allowed in Donald Trump’s Republican Party. U.S. Representative Thomas Massie entered Congress in November 2012 after serving as Lewis County Judge Executive. He represents Kentucky’s 4th Congressional District which stretches across Northern Kentucky. www.thomasmassie.com
 

Call my office anytime: (859) 363-5836

Please direct press inquiries to press@thomasmassie.com . 

Media Page : https://www.thomasmassie.com/media

To contribute by mail, please send a personal check made payable to “Thomas Massie for Congress” to:

Thomas Massie for Congress

PO Box 72821

Newport, KY 41072

 
 

11,020 Comments

 
I just called Rep. Thomas Massie's and told his help about the missing hearings about the SEC etc We shall see what happens next
 
David Amos
@davidamos7114 
Go Figure 
   
 
 
 
 
 
Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry 
 
Date: Thursday, November 20, 2003 Time: 02:00 PM 
 
Topic 
The Committee will meet in OPEN SESSION to conduct the second in a series of hearings on the “Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry.” Witnesses 
Witness Panel 1 
 
Mr. Stephen M. Cutler 
Director - Division of Enforcement 
Securities and Exchange Commission 
Cutler - November 20, 2003 
 
Mr. Robert Glauber 
Chairman and CEO 
National Association of Securities Dealers 
Glauber - November 20, 2003 
 
Eliot Spitzer 
Attorney General 
State of New York 
Spitzer - November 20, 2003
 
 
 
 

Sunday, 6 July 2025

Where did all the hearings go???

 

---------- Forwarded message ---------
From: David Amos <david.raymond.amos333@gmail.com>
Date: Mon, Jul 7, 2025 at 1:49 PM
Subject: 617 954 4225 RE Robert Pozen Former executive chairman of MFS Investment Management
To: <Leadership@mfs.com>, <kimc714@mit.edu>
 
 
 
 
 
 
 
 
 
 
 
The broader answer is that MFS wants to lead the industry to lower and more transparent execution costs. To accomplish this objective, MFS will need support from other asset managers as well as the SEC. Section 28(e) of the Securities Exchange Act provides a safe harbor for asset managers using “soft dollars” for research and brokerage services. Initially, the SEC interpreted this safe harbor narrowly--allowing payment in “soft dollars” only if a good or service or product were not readily available for cash. Several years later, however, the SEC broadened the safe harbor to include any “legitimate” purpose for soft dollars (SEC Exchange Act Release 23170, April 23, 1986). The SEC should move back to its initial narrow interpretation of 28(e) to reduce the reliance on the use of “soft dollars”.
 
II. Individualized Expense Reporting

MFS will issue an individualized quarterly statement, rather than a general listing of fund expenses in basis points, which will show each fund shareholder a reasonable estimate of his or her actual fund expenses in dollar terms. 
 
The MFS design for this individualized quarterly statement is cost effective as a result of one key assumption: that shareholders hold their funds for the whole prior quarter. This assumption is reasonable because over 90% of MFS shareholders fall into this category.
 
At present, the prospectus of every mutual fund contains an expense table listing the
various categories of fund expenses in basis points. The table might say, for instance:

Advisory Fee 53 bp
Transfer Agency Fee 10 bp
Other Fees 2 bp
12 b-1 Fee 25 bp
Total Expenses 90 bp
 
In addition, the prospectus of every fund includes a hypothetical example of a $10,000 investment in the fund to show the dollar amount of actual fund expenses paid by such a fund shareholder during the relevant period. The hypothetical example for the mutual fund with the expenses described above, for instance, would show $90 in total fund expenses over the last year.

Nevertheless, some critics have argued that mutual fund investors need customized
expense statements. By that, these critics mean the actual expenses paid by a shareholder in
 
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several funds based on his or her precise holding period as well as the fund dividends during that
period. For example, we would have to compute the exact expenses of a shareholder who held
Fund A from January 15 until March 31 without reinvesting fund dividends; another shareholder
who held Fund B for the whole year and reinvested all fund dividends; and yet another
shareholder who held Fund C from February 1 until June 15 as well as from August 22 until
December 11 (during both periods, assuming no record date for fund dividends occurred).
This type of customized expense statement would, in my opinion, involve enormous
computer programming costs. The program would have to track the holdings of every fund
shareholder on a daily basis, take into account whether a fund dividend was reinvested or paid
out to the shareholder, and apply monthly basis point charges to fund balances reflecting monthly
appreciation or depreciation of fund assets. Of course, these large computer costs would
ultimately be passed on to fund shareholders.
At MFS, we will provide every fund shareholder with an estimate of his or her actual
expenses on their quarterly statements.2 We can do this at an affordable cost by making one
reasonable assumption—that the fund holdings of the shareholder at the end of the quarter were
the same throughout the quarter. Although this is a simplifying assumption, it produces a good
estimate of actual fund expenses since most shareholders do not switch funds during a quarter.
Indeed, this assumption will often lead to a slightly higher estimate of individualized expenses
than the actual amount because some shareholders will buy the fund during the quarter and other
shareholders will reinvest fund dividends during the quarter.
In addition, MFS will send its shareholders in every fund’s semi-annual report the
total amount of brokerage commissions paid by the fund during the relevant period as well as the
fund’s average commission rate per share (for example, 4.83 cents per share on average). But
this information on brokerage commissions should be separated from the fund expense table
because all the other items in the table are ordinary expenses expressed in basis points. By
contrast, brokerage commissions are a capital expense added to the tax basis of the securities
held by the fund, and brokerage commissions are expressed in cents per share.
2 These individualized expenses will not include brokerage costs because they are capitalized in the cost of the portfolio
security.

4 of 6

II. Enhanced Governance Structure

The mutual fund industry has a unique governance structure: the fund is a separate entity from its external manager. The independent directors of the fund must annually approve the
terms and conditions of the fund’s contract with its external manager. Of course, the independent directors usually reappoint the management company. In an industrial company, how often do the directors throw out the whole management team? But the independent directors of most mutual funds, in my experience, do represent fund shareholders by negotiating for contract terms and  monitoring potential conflicts of interest.
 
At MFS, we believe we have the most advanced form of corporate governance in the
industry. To begin with, over 75% of the board is comprised of independent directors, who elect their own independent chairman. The chairman leads the executive sessions of independent directors, which occur before or after every board meeting. The independent chairman also helps set the board’s agenda for each meeting. A lead independent director could definitely take charge of the executive sessions and a lead director could also help set the board’s agenda. Thus, it
does not matter which title is employed; the key is to insure that a senior independent director
plays these two functions.
In many boards, the independent directors have their own independent counsel, as
the MFS boards do. But the independent directors of the MFS funds are going one step further by
appointing their own compliance officer. This officer will monitor all compliance activities by MFS
as well as supervise the fund’s own activities, and will report regularly to the Compliance
Committee of the Board (which itself is composed solely of independent directors).
On the management company side, MFS is the only company I know of that has a
non-executive chairman reporting to the independent directors of the MFS funds. This is a new
position designed to assure that the management company is fully accountable to the funds’
independent directors.

Finally, MFS as a management company has established the new position of Executive Vice President for Regulatory Affairs, and filled the position with a distinguished industry veteran. In addition, MFS has hired a distinguished law firm partner as its new general

5 of 6
 
counsel. Both will serve on the executive committee of MFS. The new Executive Vice President will be in charge of several regulatory functions—compliance, internal audit and fund treasury.

This high profile position within MFS is more than symbolic; it represents the great significance
given by MFS to these regulatory functions. While these functions are performed in most fund
management companies, it is rare to see the person in charge of these functions having the title of executive vice president and serving on the executive committee of the firm.

Conclusions

In summary, MFS is trying to establish standards of best practices in three important
areas to fund shareholders: 
 
1) reduced reliance on “soft dollars”, 
 
2) individualized expense reporting, and 
 
3) enhanced governance structure. Other management firms are trying to take the lead in setting industry standards in other areas. At the same time, the SEC is in the process of
proposing and adopting a myriad of rules on disclosure requirements and substantive prohibitions or the fund industry—which overlap to a degree with the efforts of the fund management firms.

Because the SEC and the management firms are making such serious efforts to develop
higher behavioral norms for the mutual fund industry, it might be useful for Congress to monitor these efforts before finalizing a bill on mutual fund reforms. These are complex issues that may be better suited to an evolutionary process, led by an expert public agency with the flexibility to address the changing legal and factual environment.
 
Thank you again for this opportunity to testify on mutual fund reform. I would be pleased
to answer any questions the Chairman or Committee Members might have. 
 
6 of 6
 
 
 
 
 
 

Robert C. Pozen


  • Former president of Fidelity Investments and executive chairman of MFS Investment Management
  • Expert who has made hundreds of appearances to companies, television audiences and leaders around the world
  • Writer for the New York Times, the Wall Street Journal, the Financial Times, the Harvard Business Review, and more around the globe

Support Staff

Kimberly Crumpton

(617) 324-7519
kimc714@mit.edu

Get in Touch

 
 

---------- Original message ---------
From: OSC General Inquiries <INQUIRIES@osc.gov.on.ca>
Date: Wed, May 13, 2026 at 4:50 PM
Subject: Automatic reply: Rep. Thomas Massie: Battling the Treachery of Trump’s Republican Party
To: David Amos <david.raymond.amos333@gmail.com>


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