Word: wraparound
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Dates: during 1990-1999
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...money for me, spreading it among Fidelity's dozens of "equity, bond and short-term mutual funds." My "portfolio" will be "personally tailored," of course, but basically the program promises what we all want: "preservation of assets as well as ... growth and income." This is known as a "wraparound account." It is one of the newer products invented by the financial-services industry, whose explosive growth is traced in Joseph Nocera's new book, A Piece of the Action: How the Middle Class Joined the Money Class. Words like product and industry are intended to give "financial services" the smell...
...worth 1% to have a Fidelity expert guide me through the financial maze created by Fidelity and its rivals. Nevertheless, the wraparound account is a reductio ad absurdum. "Put Fidelity's Renowned Investment Management Expertise to Work For You," blares the brochure. That is what I thought I was doing when I invested in a Fidelity mutual fund. Now I'm told I must pay someone to tell me which mutual fund I should buy. Then I pay the mutual-fund managers to put me into the right stocks and bonds...
...actual business, as a 19th century capitalist might have recognized it. Then there's the management of the corporate shell. Then there are the investment bankers, putting companies in and out of "play." Then there are the mutual-fund managers, buying and selling company shares. And now there are wraparound account managers, buying and selling mutual funds...
That was how the score stood through one period, as strong forechecking pressure helped hold Vermont to four shots on net. But the Cats struck early in the second, as Dominique Ducharme struck for his first of two on the night with a wraparound goal at the :27 mark...
...effects fit the strict definition of virtual reality. Only a few make use of the computer helmet that guides your wraparound view and allows you to "move" objects in cyberspace. Most are only virtually virtual: variations on arcade games or tweakings of Disney's Star Tours ride, which craftily gyrate a pod in time with jolting screen images. But all the systems have a common goal: to give you a new-horizons, touchy-feely, out-of-mind experience. Virtual reality? Perhaps. Virtual theatricality? For sure...