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Who: Kimball Corson. Text and Photos not disclaimed or that are obviously not mine are copyright (c) Kimball Corson 2004-2016
Port: Lake Pleasant, AZ
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22 August 2017 | Pago Pago, American Samoa
22 August 2017 | Pago Pago, American Samoa
09 August 2017 | Pago Pago, American Samoa

A Sense of Duty Emerges

26 July 2015 | Pago Pago, American Samoa
Kimball Corson
I have long argued courts should imply a duty of loyalty to the public interest, if not a watered down fiduciary duty, for congressmen and women acting in their representative capacities as elected legislators. Presently, we have representation devoid of any duty or obligation to those represented. Lawyers should find that to be a laughable The suggestion is, of course, an end run on campaign finance reform and several Supreme Court rulings.

Now something analogous crops up.

The Obama administration estimates that Americans lose $17 billion a year to investment professionals who manage retirement accounts by putting their own financial interests over and above those of their clients. The administration has proposed a simple solution: make that illegal. In other words, a duty of loyalty to the client's interest exclusively is to control and be the standard for investment representatives.

Congressional Republicans loathe the rule, of course. but Elizabeth Warren's neat inviseration of Primerica President Peter Schneider, who Senate Republicans had invited to testify against the new regulation designed to protect retirement savings from lecherous investment professionals, underscores their difficulties in arguing against the rule. Warren made it clear why the rule is needed. The GOP can usually rely on a nearly united financial industry front against Democratic regulatory proposals. But not now.

This time some big-name investment professionals actually have come out in support of the rule, recognizing that it will purge the industry of bad actors and create business opportunities for those who don't rip off their own clients.

Now, if the same kind of attention would be turned to our elected representatives or congressmen themselves . .
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Vessel Name: Altaira
Vessel Make/Model: A Fair Weather Mariner 39 is a fast (PHRF 132), heavily ballasted (43%), high-aspect (6:1), stiff, comfortable, offshore performance cruiser by Bob Perry that goes to wind well (30 deg w/ good headway) and is also good up and down the Beaufort scale.
Hailing Port: Lake Pleasant, AZ
Crew: Kimball Corson. Text and Photos not disclaimed or that are obviously not mine are copyright (c) Kimball Corson 2004-2016
About:
Kimball Corson: I am a 75 year old solo sailor, by choice. However, I did take on a personable, but high maintenance female kitten, now a full grown cat, named KiKiPoo when she is sweet, or KatKatPo after she has just killed something like a bird or bat. [...]
Extra:
Although I was a lawyer and practiced law with good success for thirty years, creating significant new law, I never really believed in the law, the politics of law or in the over reaching self-interest of most lawyers I met. Too much exposure to Nietzsche and other good and seriously thoughtful [...]
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Profile

Who: Kimball Corson. Text and Photos not disclaimed or that are obviously not mine are copyright (c) Kimball Corson 2004-2016
Port: Lake Pleasant, AZ