Fiduciary Quotes

The problem, if anything, was precisely the opposite. I had too much to write: too many fine and miserable buildings to construct and streets to name and clock towers to set chiming, too many characters to raise up from the dirt like flowers whose petals I peeled down to the intricate frail organs within, too many terrible genetic and fiduciary secrets to dig up and bury and dig up again, too many divorces to grant, heirs to disinherit, trysts to arrange, letters to misdirect into evil hands, innocent children to slay with rheumatic fever, women to leave unfulfilled and hopeless, men to drive to adultery and theft, fires to ignite at the hearts of ancient houses.

Corporate governance involves its fair share of external pressures, but upholding fiduciary duties ensures responsible decision-making.

Women, you have all this power, I’m telling you. In business, you have something called an inferred fiduciary duty to yourself. Look at the other hugely successful women in industry, commerce, science and everywhere else and you’ll see women who are feminine, beautiful but also do not rely on men for their self-empowerment.

Stripped of the kind of judgments that are at the very heart of the idea of "credit", shot through with bad faith, [the mortgage broker's] work is now predicated on irresponsibility, rooted in the absence of community. Whatever lingering fiduciary consciousness he may have has become a liability, given the general rush to irresponsibility by his competitors. The work cannot sustain him as a human being. Rather, it damages the best part of him, and it becomes imperative to partition work off from the rest of life.

Though there was much sheer rascality in the Wall Street of the nineteen-twenties, much sheer greed roaming at large, and a widespread betrayal of the fiduciary principle, it may be that none of these things did as much damage to the country, in the sum total, as the sheer irresponsibility of men who, possessing vast powers, played the game of profit and loss without regard for the general public interest.

In 18th-century England this cronyism gave way to open economies in which anyone could sell anything to anyone, and their transactions were protected by the rule of law, property rights, enforceable contracts, and institutions like banks, corporations, and government agencies that run by fiduciary duties rather than personal connections.

Structured Notes. These are perhaps one of the more exciting tools available today, but, unfortunately, they are rarely offered to the general public because the high-net-worth investors gobble them up like pigeon seed in Central Park. Luckily, the right fiduciary is able to grant access for individuals even without large sums of investment capital. p176

From the perspective of a fossil fuel company, going after these high-risk carbon deposits is not a matter of choice—it is its fiduciary responsibility to shareholders, who insist on earning the same kinds of mega-profits next year as they did this year and last year. And yet fulfilling that fiduciary responsibility virtually guarantees that the planet will cook.

THE BUTCHER AND THE DIETITIAN A good friend of mine recently forwarded me a YouTube video entitled The Butcher vs. the Dietitian, a two-minute cartoon that effectively and succinctly highlighted the major difference between a broker and a legal fiduciary. The video made the glaringly obvious point that when you walk into a butcher shop, you are always encouraged to buy meat. Ask a butcher what’s for dinner, and the answer is always “Meat!” But a dietitian, on the other hand, will advise you to eat what’s best for your health. She has no interest in selling you meat if fish is better for you. Brokers are butchers, while fiduciaries are dietitians. They have no “dog in the race” to sell you a specific product or fund. This simple distinction gives you a position of power! Insiders know the difference.

Motivation, inspiration were not the problem; on the contrary I was always cheerful and workmanlike at the typewriter and had never suffered from what’s called writer’s block; I didn’t believe in it. The problem, if anything, was precisely the opposite. I had too much to write: too many fine and miserable buildings to construct and streets to name and clock towers to set chiming, too many characters to raise up from the dirt like flowers whose petals I peeled down to the intricate frail organs within, too many terrible genetic and fiduciary secrets to dig up and bury and dig up again, too many divorces to grant, heirs to disinherit, trysts to arrange, letters to misdirect into evil hands, innocent children to slay with rheumatic fever, women to leave unfulfilled and hopeless, men to drive to adultery and theft, fires to ignite at the hearts of ancient houses.

A scientist must put faith in the experimental data reported by other scientists, and in the institutions that sponsored those scientists, and in the standards by which those scientists received their credentials. A scientist must put faith in the authority of the journals that publish the results of various studies. Finally, but perhaps most fundamentally, a scientist must trust that empirical reality is indeed perceptible and measurable, and that the laws of cause and effect will apply universally. No scientific endeavor can proceed if the experimenter subjects every phenomenon to radical doubt, disqualifying his own observations as well as those of his peers. Polanyi concluded that science proceeds from a trust that is “fiduciary”—a word that derives from the Latin root meaning “faith-based.” Such faith is well placed and well founded, and it enables science to proceed apace; but, nonetheless, it is a species of faith, not an absolutely certain knowledge. “We must now recognize belief once more as the source of all knowledge,…” Polanyi said. “No intelligence, however critical or original, can operate outside such a fiduciary framework.” Secularism’s attempts to replace the authority of religion with a supposed “authority of experience and reason” has proven, in Polanyi’s words, “farcically inadequate

Leaders nourish and uphold the culture of an organization. They make choices that inevitably limit the size and scope of activities that the organization undertakes. A good leader will only work in a firm where there is clear and effective governance to protect the culture, philosophy and investment discipline of the firm. The most effective leaders create a non-hierarchical environment in which idea sharing is encouraged, and diligent execution is rewarded. They also establish a solid foundation, a durable framework, and processes for successfully managing an organization that can maintain these qualities. And last, a great investment leader has a zero tolerance policy for breaches of integrity. By integrity, we mean not only honesty and fulfillment of fiduciary obligation, but process integrity.

Inflation is not caused by increasing the fiduciary circulation. It begins on the day when the purchaser is obliged to pay, for the same goods, a higher sum than that asked the day before. At that point, one must intervene. Even to Schacht, I had to begin by explaining this elementary truth: that the essential cause of the stability of our currency was to be sought for in our concentration camps. The currency remains stable when the speculators are put under lock and key. I also had to make Schacht understand that excess profits must be removed from economic circulation. I do not entertain the illusion that I can pay for everything out of my available funds. Simply, I've read a lot, and I've known how to profit by the experience of events in the past. Frederick the Great, already, had gradually withdrawn his devaluated thalers from circulation, and had thus re established the value of his currency. All these things are simple and natural. The only thing is, one mustn't let the Jew stick his nose in. The basis of Jewish commercial policy is to make matters incomprehensible for a normal brain. People go into ecstasies of confidence before the science of the great economists. Anyone who doesn't understand is taxed with ignorance! At bottom, the only object of all these notions is to throw everything into confusion. The very simple ideas that happen to be mine have nowadays penetrated into the flesh and blood of millions. Only the professors don't understand that the value of money depends on the goods behind that money. One day I received some workers in the great hall at Obersalzberg, to give them an informal lecture on money. The good chaps understood me very well, and rewarded me with a storm of applause. To give people money is solely a problem of making paper. The whole question is to know whether the workers are producing goods to match the paper that's made. If work does not increase, so that production remains at the same level, the extra money they get won't enable them to buy more things than they bought before with less money. Obviously, that theory couldn't have provided the material for a learned dissertation. For a distinguished economist, the thing is, no matter what you're talking about, to pour out ideas in complicated meanderings and to use terms of Sibylline incomprehensibility.

First, he said, we need 30% in stocks (for instance, the S&P 500 or other indexes for further diversification in this basket). Initially that sounded low to me, but remember, stocks are three times more risky than bonds. And who am I to second-guess the Yoda of asset allocation!? “Then you need long-term government bonds. Fifteen percent in intermediate term [seven- to ten-year Treasuries] and forty percent in long-term bonds [20- to 25-year Treasuries].” “Why such a large percentage?” I asked. “Because this counters the volatility of the stocks.” I remembered quickly it’s about balancing risk, not the dollar amounts. And by going out to longer-term (duration) bonds, this allocation will bring a potential for higher returns. He rounded out the portfolio with 7.5% in gold and 7.5% in commodities. “You need to have a piece of that portfolio that will do well with accelerated inflation, so you would want a percentage in gold and commodities. These have high volatility. Because there are environments where rapid inflation can hurt both stocks and bonds.” Lastly, the portfolio must be rebalanced. Meaning, when one segment does well, you must sell a portion and reallocate back to the original allocation. This should be done at least annually, and, if done properly, it can actually increase the tax efficiency. This is part of the reason why I recommend having a fiduciary implement and manage this crucial, ongoing process.

Fortunately for investors, two substantial funds management organizations adhere to high fiduciary standards, adopted in the context of corporate cultures designed to serve investor interests. Vanguard and TIAA-CREF both operate on a not-for-profit basis, allowing the companies to make individual investor interests paramount in the funds management process. By emphasizing high-quality delivery of low-cost investment products, Vanguard and TIAA-CREF provide individual investors with valuable tools for the portfolio construction process. Ultimately, a passive index fund managed by a not-for-profit investment management organization represents the combination most likely to satisfy investor aspirations. Following Mies van der Rohe’s famous dictum—“less is more”—the rigid calculus of index-fund investing dominates the ornate complexity of active fund management. Pursuing investment with a firm devoted solely to satisfying investor interests unifies principal and agent, reducing the investment equation to its most basic form. Out of the enormous breadth and complexity of the mutual-fund world, the preferred solution for investors stands alone in stark simplicity.

If rebalancing seems a little intimidating, the good news is this work can be done for you automatically by the right fiduciary advisor.

The law gave me an entirely new vocabulary, a language that non-lawyers derisively referred to as "legalese." Unlike the basic building blocks- the day-to-day words- that got me from the subway to the office and back, the words of my legal vocabulary, more often than not, triggered flavors that I had experienced after leaving Boiling Springs, flavors that I had chosen for myself, derived from foods that were never contained within the boxes and the cans of DeAnne's kitchen. Subpoenakiwifruit. InjunctionCamembert. Infringementlobster. Jurisdictionfreshgreenbeans. Appellantsourdoughbread. ArbitrationGuinness. Unconstitutionalasparagus. ExculpatoryNutella. I could go on and on, and I did. Every day I was paid an astonishing amount of money to shuffle these words around on paper and, better yet, to say them aloud. At my yearly reviews, the partners I worked for commented that they had never seen a young lawyer so visibly invigorated by her work. One of the many reasons I was on track to make partner, I thought. There were, of course, the rare and disconnecting exceptions. Some legal words reached back to the Dark Ages of my childhood and to the stunted diet that informed my earlier words. "Mitigating," for example, brought with it the unmistakable taste of elementary school cafeteria pizzas: rectangles of frozen dough topped with a ketchup-like sauce, the hard crumbled meat of some unidentifiable animal, and grated "cheese" that didn't melt when heated but instead retained the pattern of a badly crocheted coverlet. I had actually looked forward to the days when these rectangles were on the lunch menu, slapped onto my tray by the lunch ladies in hairnets and comfortable shoes. Those pizzas (even the word itself was pure exuberance with the two z's and the sound of satisfaction at the end... ah!) were evocative of some greater, more interesting locale, though how and where none of us at Boiling Springs Elementary circa 1975 were quite sure. We all knew what hamburgers and hot dogs were supposed to look and taste like, and we knew that the school cafeteria served us a second-rate version of these foods. Few of us students knew what a pizza was supposed to be. Kelly claimed that it was usually very big and round in shape, but both of these characteristics seemed highly improbable to me. By the time we were in middle school, a Pizza Inn had opened up along the feeder road to I-85. The Pizza Inn may or may not have been the first national chain of pizzerias to offer a weekly all-you-can-eat buffet. To the folks of the greater Boiling Springs-Shelby area, this was an idea that would expand their waistlines, if not their horizons. A Sizzler would later open next to the Pizza Inn (feeder road took on a new connotation), and it would offer the Holy Grail of all-you-can-eat buffets: steaks, baked potatoes, and, for the ladies, a salad bar complete with exotic fixings such as canned chickpeas and a tangle of slightly bruised alfalfa sprouts. Along with "mitigating," these were some of the other legal words that also transported me back in time: Egressredvelvetcake. PerpetuityFrenchsaladdressing. Compensatoryboiledpeanuts. ProbateReese'speanutbuttercup. FiduciaryCheerwine. AmortizationOreocookie.

Of course, not many of us have the experience or time to do this level of research. That’s where a talented fiduciary advisor who’s an expert in the area might come in handy.

The information possessed by an organization is among its most valuable assets and is critical to its success. The Board of Directors, which is ultimately accountable for the organization’s success, is therefore responsible for the protection of its information. The protection of this information can be achieved only through effective management and assured only through effective board oversight.

When it comes to investing, you can control a few levers. Find a fiduciary platform so you're in a safe space. Invest for the long run, diversify broadly, use low-fee investments, use tax-efficient investments, and stick to a proven strategy. Look for the balanced approach, in investing and in the way you spend your time and money.

We have exercised power as trustees for the people, with an abiding sense of our fiduciary responsibility…When those in office regard the power vested in them as a personal prerogative, they inevitably enrich themselves, promote their families, and favor their friends. The fundamental structures of the modern state are eroded, like the supporting beams of a house after termites have attacked them. Then the people have to pay dearly and long for the sins and crimes of their leaders.

If you're looking for a fiduciary advisor in the Northville area, we can help. Our Fiduciary advisor Northville at Financial Strategies Group, INC of experts, is ready and waiting to partner with you to create an estate plan or financial plan tailored specifically to your needs. We make it our goal to ensure all of our clients get the most out of their money while still enjoying peace of mind about what will happen if they ever become incapacitated or pass on unexpectedly.

The investment committee may be the most important committee within any plan sponsor or other investment-type organization.

The importance of the role of the plan sponsor cannot be emphasized enough. The decisions made at this level can significantly add to or subtract from pension and investment assets.

I won’t say that the majority of investment committees are dysfunctional; however, I also can’t say that the majority are functional.

When a debtor files a case to reorganize under Chapter 11, the debtor becomes the debtor-in-possession of the estate and takes on the rights, powers, and fiduciary duties of a trustee. Id. §§ 1101, 1106-1108; see also CFTC v. Weintraub, 471 U.S. 343, 355 (1985). In The Matter of Woerner, (5th Cir. 2015).

Fiduciary loyalty essentially means an ethical obligation to you, the customer.

Bernie Madoff’s firm did not use an independent custodian. Enough said. 4. Are your clients similar to me? If your adviser’s typical client is worth $1 million or more, and you aren’t rich, think twice. Your adviser may lean toward advice more suited to his or her richest clients. 5. What services do you provide? If the adviser’s primary service is investment advice, and you want a complete financial plan, this adviser is unlikely to be a good match. 6. Do you act in a fiduciary capacity toward your clients? Leave fast if the adviser doesn’t say yes.

Just as important as creating a governance model that allows board members to fulfill their fiduciary obligations, best-of-class CEOs are asking their boards to focus on the pressing organizational challenges of the moment, knowing that they will benefit from the boards’ input.

If that’s your story, I’m ready to sell you what you want—if I have it. All the rest—the considered, heartfelt exchange of views, the finding of common ground, the beginning of true (if ephemeral) comradeship based on time spent inside a stuffy automobile—all that I’d do with the Terminix guy. A person has only to know his mind about things, which isn’t as usual as it seems. I view my role as residential agent as having a lay therapist’s fiduciary responsibility (not so different from being a Sponsor). And that responsibility is to leave the client better than I found him—or her. Many citizens set out to buy a house

We rarely use much debt and, when we do, we attempt to structure it on a long-term fixed basis. We will reject interesting opportunities rather than over-leverage our balance sheet. This conservatism has penalized our results but it is the only behavior that leaves us comfortable, considering our fiduciary obligations to policyholders, depositors, lenders and the many equity holders who have committed unusually large portions of their net worth to our care. Warren Buffett, annual letter to shareholders, 1983

Listen, it’s terrible what happened to this guy. He had a daughter, I know. And Phil feels bad, of course, that the accident happened on his way to that meeting. It’s an awful, regrettable tragedy. But Doug Sinclair is not our client, Kat—Darden is. As you are aware, we have a fiduciary obligation to do what is in their best interest.

Baxter-Thompson Law, PLLC, focuses solely on matters related to estate and trust litigation. Our practice generally includes complex trust and estate litigation, heirship issues including common law marriage determinations, guardianship matters, and most issues that arise in the probate courts, including will contests and breach of fiduciary duty lawsuits. Baxter-Thompson Law will help you navigate your case and bring you to the best course of action.

By relying on the decisions of others to drive portfolio choices, investors fail to take responsibility for the most fundamental fiduciary responsibility—designing a portfolio to meet institution-specific goals.

Thomas Mingone, managing partner at Capital Management Group of New York, said he had clients whose mental slide had been apparent to the advisers, accountants and lawyers in the room but not to the client. Since advisers are bound by a fiduciary duty to protect their clients’ privacy, Mr. Mingone said he can’t simply call up their children to let them know. With a client who seems to be slipping but lives alone and sees family members infrequently, Mr. Mingone said he suggests a family meeting, which allows him to connect with his client’s children. Other times, he said, just asking clients how they are doing brings the problem out.

When the unsophisticated agents begin disrupting the system to the point of collapsing the system or destroying the integrity, they must be taken out. Sophisticated agents enhance the health of the system so by definition, any excessive turbulence is unhealthy and must be scrutinized. A well designed system is self correcting with turbulence that is minimal and brief. We should be relying on our best citizens for guidance and they must possess and exercise a strong fiduciary commitment. Secrets always prevent the possibility of making our leaders accountable.

I. Penance is a true Sacrament, instituted by Christ for the forgiveness of post-baptismal sins. II. Penance is a Sacrament distinct from Baptism. 24 THE POWER TO FORGIVE SINS III. The words of Christ recorded in John XX, 23, are to be understood of the power of forgiving and retaining sins in the Sacrament of Penance, not of preaching the Gospel. IV. For the remission of sins there are required three acts by the penitent, which are as it were the matter of the Sacrament of Penance, viz.: contrition, confession, and satisfaction. The terrors with which the conscience is smitten upon being convinced of sin, and the fiduciary faith generated by the Gospel, are not sufficient to obtain forgiveness. V. Imperfect contrition, which is acquired by means of the examination, recollection, and detestation of sins, is a true and profitable sorrow, and does not make a man a hypocrite and a greater sinner. VI. Sacramental confession is of divine institution and necessary to salvation, and auricular confession is not a human invention. VII. Auricular confession comprises by divine right all mortal sins, even those which are secret, and may law fully extend also to venial sins. VIII. The confession of all sins, as demanded by the Church, is not impossible, but a duty incumbent on all the faithful of both sexes. IX. The sacramental absolution given by the priest is a judicial act, not a bare declaration, and must be pre ceded by confession on the part of the penitent. X. Priests alone have the power of binding and loosing, and can exercise it even if they are in a state of mortal sin. XL Bishops have the right of reserving cases to them selves, and from such reserved cases no priest may ab solve. XII. God does not always remit the whole punishment together with the guilt of sin, and the satisfaction of peni tents does not consist in the faith wherewith they appre hend that Christ has satisfied for them. XIII. Satisfaction for sins, as to their temporal pun ishment, is made to God through the merits of Christ, by the punishments enjoined by the priest, and also by those voluntarily undertaken by the penitent himself, and con sequently, Penance is more than merely a new life. XIV. The works of satisfaction performed by the penitent do not obscure the doctrine of grace, the true worship of God, and the benefit of Christ's death. XV. The power of the keys which Christ gave to the Church is not merely the power to loose, but also to bind, and therefore enables priests to impose punishments on those who confess.

Government, deriving its authority from the people as a whole, must act as a fiduciary to protect the natural resources held in trust from damage, as well as from dangerous privatization. Judicial decisions dating from the beginning of the United States voice this trust, and its principles manifest in the law of many other countries as well.

Mason fixed on betrayal of the president’s fiduciary duty and oath of allegiance to our system of government, saying that “attempts to subvert the Constitution” would be chief among the “many great and dangerous offences” beyond treason and bribery for which removal of the president would be warranted.

The president and his subordinates have willfully engaged in schemes and artifices to defraud the American people in connection with matters of great public importance, in violation of his duty to execute the laws faithfully and his fiduciary duty to be truthful in his statements to the American people. These fraudulent schemes and artifices have included, but are not limited to, fraudulent misrepresentations intended to cover up derelictions of duty and evade accountability for catastrophic policies; fraudulent misrepresentations intended to secure passage of legislation; and fraudulent misrepresentations to improve his prospects for winning reelection in November 2012.

In circumstances such as this I have no sympathy for myself as a citizen. It is my government, my civil service. Mine and yours. It has shamed all of us by prevaricating, lying, causing suffering to fellow citizens. In this case, the word shame must be used. We and those suffering are the Crown. We are the source of Canada’s fiduciary responsibility. And we, through our government, are cheating and humiliating citizens who have already been humiliated by our governmental education system. Not surprisingly, the

Senator Warren questions SEC chair on broker reforms 525 words By Sarah N. Lynch WASHINGTON (Reuters) - Senator Elizabeth Warren said Friday that the Labor Department should press ahead with brokerage industry reforms, and not be deterred by the Securities and Exchange Commission's plans to adopt its own separate rules.    President Barack Obama, with frequent Wall Street critic Warren at his side, last month called on the Labor Department to quickly move forward to tighten brokerage standards on retirement advice, lending new momentum to a long-running effort to implement reforms aimed at reducing conflicts of interest and "hidden fees." But that effort could be complicated by a parallel track of reforms by the SEC, whose Chair Mary Jo White on Tuesday said she supported moving ahead with a similar effort to hold retail brokers to a higher "fiduciary" standard. "I want to see the Department of Labor go forward now," Warren told Reuters in an interview Friday. "There is no reason to wait for the SEC. There is no question that the Department of Labor has the authority to act to ensure that retirement advisers are serving the best interest of their clients." Warren said that while she has no concerns with the SEC moving forward to write its own rules, she fears its involvement may give Wall Street a hook to try to delay or water down a separate ongoing Labor Department effort to craft tough new rules governing how brokers dole out retirement advice. She also raised questions about White's decision to unveil her position at a conference hosted by the Securities Industry and Financial Markets Association (SIFMA), a trade group representing the interests of securities brokerage firms. Not only is the SEC the lead regulator for brokers, but unlike the Labor Department, it is also bound by law to preserve brokers' commission-based compensation in any new fiduciary rule.     "I was surprised that (Chair) White announced the rule at a conference hosted by an industry trade group that spent several years and millions of dollars lobbying members of Congress to block real action to fix the problem," Warren said. Warren, a Massachusetts Democrat who frequently challenges market regulators as too cozy with industry, stopped short of directly criticizing White. The SEC and SIFMA both declined to comment on Warren's comments. SIFMA has strongly opposed the Labor Department's efforts, fearing its rule will contain draconian measures that would cut broker profits, and in turn, force brokers to pull back from offering accounts and advice to American retirees. It has long advocated for the SEC to take the lead on a rule that would create a new uniform standard of care for brokers and advisers. The SEC has said it has been coordinating with the Labor Department on the rule-writing effort, but on Tuesday White also acknowledged that the two can still act independently of one another because they operate under different laws. The industry and reform advocates have been waiting now for years to see whether the SEC would move to tighten standards.     Warren expressed some skepticism on Friday about whether the SEC will ever in fact actually adopt a rule, saying that for years the agency has talked about taking action, but has not delivered. (Reporting by Sarah N. Lynch; Editing by Christian Plumb)

A dearth of fiduciaries willing to place client interests foremost forces individuals to take responsibility for their investment portfolios. In the profit-motivated world of Wall Street, fiduciary responsibility takes a backseat to self-interest. What benefits the stockbroker (commissions), the mutual fund manager (large pools of assets), and the financial advisor (high fees) injures the investor. When profit motive meets fiduciary responsibility, profits win and investors lose. Understand

Financial advisors have a fiduciary duty to correctly document your age, income, savings, financial experience, and risk assessment. They are required not to match conservative investors with risky investments and to make their clients aware of the difference. This is the main point of contention on Broker-Dealer Sales Representative complaints for arbitration.

Rutherford presents several arguments to establish the right and duty of resistance to unlawful government. First, since tyranny is satanic, not to resist it is to resist God—to resist tyranny is to honor God. Second, since the ruler is granted power conditionally, it follows that the people have the power to withdraw their sanction if the proper conditions are not fulfilled. The civil magistrate is a ‘fiduciary figure’—that is, he holds his authority in trust for the people. Violation of the trust gives the people a legitimate base for resistance

Crucially, most of the existing Harrah’s debt did not have to be refinanced. Because it was not secured by any collateral, suddenly Harrah’s could issue senior debt backed by the company’s assets. It would do so in the LBO deal, pushing $4.5 billion of existing debt to the bottom of the totem pole in a $25 billion debt stack. This was cruel. Those existing unsecured bonds crashed in price as they were last in line to be repaid. But the maneuver allowed Apollo and TPG to issue new debt more cheaply. And it illustrated one of the key legal principles that would echo through this case: Debtholders’ relationship with the company remains strictly contractual. Any rights they have must be bargained for and embedded in documents. The management and board of a company, in contrast, have fiduciary duties which dictate that they maximize shareholder value.

Brokers are butchers, while fiduciaries are dietitians.

I believe that in spite of the hazards involved, I am called upon to search for the truth and state my findings. This sentence, summarizing my fiduciary programme, conveys an ultimate belief which I find myself holding. Its assertion must therefore prove consistent with its content by practising what it authorizes. This is indeed true. For in uttering this sentence I both say that I must commit myself by thought and speech, and do so at the same time. Any enquiry into our ultimate beliefs can be consistent only if it presupposes its own conclusions. It must be intentionally circular.

Become a worthwhile fiduciary to your fellow man and you will stop being worthless. Or we can suffer through another millennial idiot protesting corporatism, whereas afterward, he snapped an Instagram selfie wearing Nikes, hopped into the Prius his parents bought him, drove to Starbucks and bought a latte, and logged into his Facebook from his iPhone on a Comcast 5MB Internet connection, all while being smugly ignorant that everything in this entitled twit’s life was delivered by capitalism.

Most big retail firms sell you notes that have substantial commissions, underwriting fees, and distributions fees; all of these will take away from your potential upside. Accessing structured notes through a sophisticated, expert fiduciary (a registered investment advisor) will typically have those fees removed because a fiduciary charges a flat advisory fee. And by stripping out those fees, performance goes up.

When a manager has a criminal record or a history of cheating investors or even just feels above the law, I stop right there. Crooks don’t suddenly sprout a sense of fiduciary duty. When a piece of evidence might or might not tag a bad guy, I use it only if it hints at other investment defects. Glamorous hype stocks are more likely to be scams, but I avoid them because they are usually overpriced and prone to raising capital constantly. Intricate corporate structures make analysis difficult, even if nothing bad is going on. To spot bad guys, look for the fraud triangle: pressure, opportunity, and rationalization. Philosopher Hannah Arendt had it right that “most evil is done by people who never make up their minds to be good or evil.” Watch for when massive option grants or hefty fees compel people to try too hard. Pride can be a dominant motive when an audience believes in someone’s magical powers. Charismatic promoters often suppress the boards of directors, auditors, and other naysayers that might prevent them from doing what they want. They cluster in industries and geographies where capital is abundantly available with little scrutiny or accountability. Lax accounting standards are also a draw. Don’t buy anything someone is pushing hard. By avoiding the bad-guy stocks—and it’s a short list—I slash the possibility of a disastrous outcome but scarcely reduce my opportunity set.

As the Lord’s fiduciary, he was responsible for seeing the money well invested.

call and put options, credit-default obligations (CDOs), and a whole host of exotic financial instruments available to traders these days. If you build up a lot of wealth, you may want to have your fiduciary look into some of these vehicles. But just realize that if you’re playing this game, you’re most likely no longer just an investor, you’ve become a speculator as well.

There were outlaw bikers and meth labs close by. Berenson was readier to believe that. Stories about the badlands were legion. But a pained echo in a chance remark about Dean’s daughter led her to believe that the kid was in some way the problem. She was fourteen years old. Berenson put two and two together and made five. She figured maybe the kid was hanging with the bikers or experimenting with crystal and causing big problems at home. Then she revised her opinion. The quality problems up at Highland Park became common knowledge inside the company. Berenson knew that Dean had a difficult split responsibility. As a director of the corporation he had a fiduciary duty to see it do well. But he also had a parallel responsibility to the Pentagon to make sure New Age sold it only the good stuff. Berenson figured

At the heart lay a culture of regulatory capture, bureaucratic silos, plain incompetence, and outsized greed, resulting in the abandonment of each institution’s fiduciary responsibilities.

Weaving together two civic strands of power and obligation, the trust embodies: (1) the people’s delegation of authority to their government to control and manage resources; and (2) the people’s assertion, through a fiduciary obligation, of limits on that authority to ensure that it functions to benefit the public rather than special interests (who may have greater sway over the legislative process).

Locke’s Second Treatise of Government, a philosophical manifesto that forged many democratic ideals, declared a core principle that fiduciary obligation formed an inherent constraint on governmental power – and that the people shall serve in constant judgment of their government’s performance.

Some fiduciaries will recommend the Royal Bank of Canada or other Canadian banks, since they have been rated as some of the best and safest in the world. (The United States saw more than 9,400 banks collapse during the Great Depression and almost 500 in the recent Great Recession. Not one bank failed in Canada!)

You can do everything right: find a fiduciary advisor, reduce your fees, invest tax efficiently, and build up a Freedom Fund.

That it failed to fix IBM’s problems or help Akers suggests that collectively the board proved unwilling, complicit, or simply incompetent to carry out its fiduciary and ethical responsibilities until forced to by circumstances.

It is little short of amazing how long ago these prescient warnings were issued. Justice Stone warned us in 1934. John Maynard Keynes warned us in 1936. Benjamin Graham warned us in 1958. Isn’t it high time we stand on the shoulders of these intellectual giants and shape national policy away from the moral relativism of peer conduct and greed and short-term speculation—gambling on expectations about stock prices? Isn’t it high time to return to the moral absolutism of fiduciary duty, to return to our traditional ethic of long-term investment focused on building the intrinsic value of our corporations—prudence, due diligence and active participation in corporate governance?

Very much like the fiduciary value of money, mind is an abstraction riding a physical vehicle. Like monetary fiduciarity, the idea of mind as a separate, nonmaterial essence of being developed over thousands of years, leading to the modern concept of an immaterial consciousness, a disembodied spirit. Tellingly, in both secular and religious thought, this abstraction has become more important than the physical vehicle, just as the “value” of a thing is more important than its physical attributes.

Much as they deny it, CEOs and their boards of directors come to view the companies they run as their own. Should an outsider threaten their prerogatives, they will do everything in their power to repel him. This insiders vs. outsiders mindset violates both the spirit of the corporate democracy and the fiduciary responsibility boards of directors owe to a company’s shareholders. Although the idea of having a gadfly on the board—one who would seek acquisitions or lobby for buyouts—is considered to be heresy among the corporate establishment, viewed from the standpoint of the shareholders’ interests, it makes all the sense in the world.

Today, the energy most of us use is owned by a tiny number of corporations that generate it for the profit of their shareholders. Their primary goal, indeed their fiduciary duty, is to produce maximum profit—which is why most energy companies have been so reluctant to switch to renewables. But what, we asked, if the energy we use was owned by ordinary citizens, and controlled democratically? What if we changed the nature of the energy and the structure of its ownership? So we decided that we didn’t want to be buying renewable power from ExxonMobil and Shell, even if they were offering it—we wanted that power generation to be owned by the public, by communities, or by energy cooperatives. If energy systems are owned by us, democratically, then we can use the revenues to build social services needed in rural areas, towns, and cities—day cares, elder care, community centers, and transit systems (instead of wasting it on, say, $180-million retirement packages for the likes of Rex Tillerson).

John Maynard Keynes criticized fiduciaries for preferring to “fail conventionally” rather than taking, as Swensen so often does, direct responsibility for independent, even pioneering thought and action.

Awareness of the breadth and seriousness of agency issues constitutes the first line of defense for fund managers. By evaluating each participant involved in investment activities with a skeptical attitude, fiduciaries increase the likelihood of avoiding or mitigating the most serious principal-agent conflicts.

Ultimately, Unconventional Success proposes a positive solution to the investments challenge facing individual investors. The investment management world includes a very small number of not-for-profit money management firms, allowing investors the opportunity to invest with organizations devoted exclusively to fulfilling fiduciary obligations. Moreover, the market contains a number of attractively structured, passively managed investment alternatives, affording investors the opportunity to create equity-oriented, broadly diversified portfolios. In spite of the massive failure of the mutual-fund industry, investors willing to take an unconventional approach to portfolio management enjoy the opportunity to achieve financial success.

The vast and distant military and civilian structure that provides a modern soldier with his orders, arms, ammunition, food, water, information, training, and fire support is ultimately a moral structure, a fiduciary, a trustee holding the life and safety of that soldier. The need for an intact moral world increases with every added coil of a soldier's mortal dependency on others. The vulnerability of the soldier's moral world has vastly increased in three millennia.

The oath, they write, is thus a promise on the part of presidents “to exercise their power only when it is motivated in the public interest rather than in their private self-interest, consistent with fiduciary obligation in the private law.

The management of taxable mutual-fund assets without considering the tax consequences of trading activity represents a highly visible, yet little considered scandal. A serious fiduciary with responsibility for taxable assets recognizes that only extraordinary circumstances justify deviation from a simple strategy of selling losers and holding winners.

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Holmer loved that damn football team. He would sometimes sneak us into Bears games by hiding one of the little ones under his coat or have a few of us whiz past the usher while he pretended to be fumbling for the tickets. But the team disappointed him more often than not. A season ticket holder, he once threatened to sue them for a breach of fiduciary duty, claiming they were only “masquerading as a professional football team” to bilk fans like him out of their hard-earned cash.

Your fiduciary or a great tax expert can help you understand all the ways you can produce more net growth in your Freedom Fund so that your compounding process is maximized. Remember, this can save you years or even decades!

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Banks issue perfect money substitutes that are accepted as money proper. The factor owners paid with newly created fiduciary media do not have to wait to spend. They can directly use these money substitutes. They do not have to redeem them into money proper before using them. There is no renunciation of consumption at the moment of the creation of the fiduciary media on the part of the bank. Just because someone holds on to the fiduciary media, it does not mean that real savings in society has increased. What would Rallo think about a money counterfeiter? If a money counterfeiter produces counterfeit notes and the money circulates, then the holders of the counterfeit notes will, according to Rallo’s argument, also forgo the disposal of present goods. They could have bought consumer goods with these counterfeit notes. If the holders do not use the notes immediately, it does not mean there is more real savings. And if they spend them and other people start to hold them, there is not more savings either. It is absurd to claim that the counterfeit notes in the pockets of the people “finance” the investment of the counterfeiter because they could have tried to redeem them against money proper. There is no more real savings; there is just “forced savings,” as prices tend to rise. And there is redistribution.

(...) workers could increase their cash balances and hold on to the newly created fiduciary media without increasing their spending and bidding up consumer-goods prices. Or they could save the money and lend it to the company that pays down the real bill after month three. Or they could buy the investment project from the entrepreneur. In this case, workers reduce their consumption and save all their additional fiduciary-media income. Then the investment becomes backed by real savings. Yet, if workers spend even a part of the fiduciary media created by the real bill credit expansion on consumer goods, then consumer-goods prices will rise relative to capital-goods prices, manifesting intertemporal discoordination.

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Is Phantom Wallet legal in the US? {~Phantom Status~} The short and direct answer is that yes, call at [+1-833-611-5103] the Phantom wallet is entirely legal to download, own, and use throughout the United States. call at [+1-833-611-5103] The concept of custodianship is the single most important factor determining the legal status of a cryptocurrency wallet. call at [+1-833-611-5103] This means the service provider has actual control over the funds, creating a fiduciary relationship and triggering a host of regulatory requirements under federal law. call at [+1-833-611-5103] Phantom, in stark contrast, is a non-custodial or self-custody wallet. call at [+1-833-611-5103] Because Phantom never has control, possession, or custody of the user's assets at any point, it does not meet the legal definition of a financial institution or money transmitter under the BSA. call at [+1-833-611-5103] It is legally analogous to a web browser like Chrome or Firefox; it is a tool for interfacing with a decentralized network but does not itself intermediate or transmit value between parties. call at [+1-833-611-5103] While the wallet software itself is legal, it is absolutely critical to understand that its legality does not provide a blanket immunity for all activities conducted through it. call at [+1-833-611-5103] US law enforcement and regulatory agencies have consistently maintained that the use of any tool, including privacy-focused software and non-custodial wallets, for illicit purposes is illegal. call at [+1-833-611-5103] Using a non-custodial wallet does not obscure these obligations; users are responsible for maintaining accurate records of all their transactions and reporting their gains and losses accurately. call at [+1-833-611-5103] The legality of the wallet is separate from the user's responsibility to comply with tax law. call at [+1-833-611-5103] The legality of Phantom is not directly impacted by these determinations because it is a neutral tool.

Is Phantom Wallet legal in the US?{~Phantom Management~} The legality of Phantom Wallet in the US is a matter of its technical and functional design. call at [+1-833-611-5103] It is a legal application because it is a non-custodial wallet, which means it does not hold your funds. call at [+1-833-611-5103] This distinction is the bedrock of its legal status. call at [+1-833-611-5103] The US government does not outlaw the use of self-custody wallets, as they are seen as a form of personal property management. call at [+1-833-611-5103] The regulatory focus is on intermediaries that hold client funds and have a fiduciary duty to protect those assets. call at [+1-833-611-5103] Since Phantom does not operate in this capacity, it is not subject to those regulations. call at [+1-833-611-5103] This allows Americans to use the wallet for a wide range of activities, from simple storage to engaging in DeFi and NFTs, without legal impediment. call at [+1-833-611-5103] However, it's essential to understand that the legality of the wallet does not absolve you from legal responsibility for your actions. call at [+1-833-611-5103] All transactions must be reported for tax purposes as required by the IRS. call at [+1-833-611-5103] Using a legal tool for an illegal purpose remains an illegal act.

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