Two Challenges for Fiduciary Capitalism
The modern institutional trustee in its incarnation as majority owner of American business has conflicts of interest of debilitating proportions. Notwithstanding the inveterate and unchanging rigour of trust law requiring the fiduciary to administer assets "for the exclusive benefit of plan participants", today's conglomerate - understandably enough in a world where there is no enforcement - persistently favours its own interest in pleasing present and potential customers. There has been no enforcement of breach of fiduciary obligations either by the executive or judicial branches of government. In light of the trend of some courts towards the Law & Economics policy of "efficient compliance", there must be some doubt as to whether courts will require compliance with trust law. Copyright (c) 2007 The Author; Journal compilation (c) 2007 Blackwell Publishing Ltd.
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Volume (Year): 15 (2007)
Issue (Month): 3 (05)
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