Why Fiduciary Responsibility Beats Moral Responsibility

By: Friday July 30, 2010 4:07 pm

What can be done as a rich human person vs a rich corporate person when they realize the corporate fiduciary goals aren’t compatible with moral human goals?

It’s very hard to convince the people running corporations to put moral responsibility for people over their fiduciary responsibility for the company. If they fail their fiduciary responsibility they can be fined, fired or go to jail. A moral responsibility can be spun. “I give to charities. I give to churches. I pay taxes.” But many rich powerful people are going beyond immediate fiduciary responsibility to a company. They are also funding right wing think tanks. lobbyists and other groups who actively work to create the current situations that many people are in, as well as hurt groups that are working to help people.

I question one concerned Venture capitalist about how his actions, outside of his corporate fiduciary actions, supported or fought against the current human suffering in our economy.

Bank of America’s Ken Lewis Testified That U.S. Urged Silence on Deal

By: Wednesday April 22, 2009 10:24 pm

Federal Reserve Chairman Ben Bernanke and then-Treasury Department chief Henry Paulson pressured Bank of America Corp. to not discuss its increasingly troubled plan to buy Merrill Lynch & Co. — a deal that later triggered a government bailout of BofA — according to testimony by Kenneth Lewis, the bank’s chief executive.

Gretchen Morgenson’s Latest: ‘He Doesn’t Let Money Managers Off the Hook’

By: Sunday April 12, 2009 11:56 am

EVERY once in a while, if only for sanity’s sake, it is wise to leave our bankrupt era behind and seek out a bit of wisdom from a moral authority. It’s a challenging exercise, given that so many formerly stellar reputations are now shipwrecked and that all those once-smart guys and gals have been reduced to bull-market geniuses.

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