Fidelity Investments was a butt of one of outspoken fund critic Roy Weitz jokes in his July commentary. Weitz, who reportedly took offense at Fidelitys public support of President Bushs dividend tax cut, posted a phony Fidelity press release on his Web site announcing how Fidelity was now offering class R, for Republican, shares.
The release said that "class R shares will carry a number of important benefits, including an additional return of 5% per year, which Fidelity will take from all other shareholders of the same fund and reallocate to class R shareholders." The release concludes, "For your convenience, we have provided the following link, which will allow you to change your affiliation to the Republican party from whatever pathetic shell of a political organization you currently belong to, including the Democratic party. "
Fidelity spokesman Vin Loporchio told Reuters Fidelity had seen the lampoon but decided to take no action. "We believe in the right of people to express themselves," Loporchio told Reuters.