Monday, July 13, 2009

US Treasury - look in the mirror - recognize something? Fiduciary duty to US Taxpayers

Yes, to this day the US Treasury STILL has not received full disclosure from certain TARP recipients.

Not only that, certain TARP recipients upon questioning in front of US Congress - stated (and I'm paraphrasing) "See all the money is the same color - so we can't state exactly where the bailout funds were applied" hmmm....yet another, but in this case, by far, the largest failure and breach of a basic fiduciary duty, the duty of care, aka due dilgence BEFORE taking action and CONTINUING due diligence after making an investment or "loan" in the case of TARP.

Perhaps the US Treasury will be deemed a "broker" or "investment adviser" and be covered by the SEC's proposal to require a fiduciary standard of care. Wonder whether like the infamous Clinton tax hikes it will be radioactive - er retroactive?

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