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The American Red Cross and Muriel F. Siebert, Chairman and President of Siebert Financial Corp. (NASDAQ: SIEB), parent of the stock brokerage firm, Muriel Siebert & Co., Inc., announced that they have expanded their joint program, which eliminates commission charges on sales of stock donated to the Red Cross, to the victims of the Japan earthquake and tsunami.
“The Red Cross is extremely grateful to longtime supporter Siebert Financial and Ms. Siebert for offering this commission-free program for donated securities,” said Neal Litvack, Red Cross Chief Development Officer. “Transferring securities to the Red Cross is easy, offers tax benefits to the donor and, most importantly, allows the Red Cross to respond to a house fire down the street, floods or tornadoes across the country, and major disasters in Japan and other countries around the world.”
The announcement represents an expansion of the seven-year-old Siebert Charitable Stock Donation Program launched with the American Red Cross and other charities to help Florida hurricane victims and later extended to other disasters. To date, Siebert has sold more than $16,500,000 in stock donated to the Red Cross at no cost to the charity.
“The American Red Cross is a great institution and we want to do what we can to help those who have been affected by this terrible disaster,” Ms. Siebert said. “We know this program will increase the value of charitable contributions to those in need.”
As an example of Siebert’s program, if a contribution to the Red Cross involves 200 shares of stock trading at $20 per share, the value of the contribution could be increased by more than $120 by eliminating commissions that would typically be charged by a full-commission broker, Siebert said. “By eliminating the commission, we help increase the contribution to the Red Cross that is helping victims in Japan,” she added.