On the Money: The War on Gobbledygook

The new chairman of the securities and exchange Commission, Arthur Levitt, wants to take the confusion out of investing, and his crusade is raising eyebrows on Wall Street -- which until now has managed to make investing as confusing as possible.

Beginning this week, you can call the new SEC hotline (1-800-SEC-0330) and get prerecorded answers to a variety of questions about stocks, bonds and mutual funds. But Levitt has more ambitious plans, starting with how to get the straight story out of your stockbroker.

As it stands now, broker-client is the most one-sided of all human relationships. Before you can...

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