A Nation Of Fiduciary Neglect
By Thomas D. Segel
March 21, 2009
Along with countless other Americans, I find it extremely difficult to tune in the television news accounts of congressional leaders finger pointing at corporate executives. If they had any integrity worthy of salvation, all members of Congress would resign their seats and leave Washington in disgrace. A harsh statement you say! Well, examine what is taking place in our country from this perspective -- fiduciary responsibility.
Every person we elect to office, from members of the city council to the President of the United States is an individual we have entrusted with the power to handle our financial and legal affairs for the benefit of the people. These are called the designated person's fiduciary responsibilities. Should that person or body, through neglect, illegality, or any form of betrayal misuse the office in a manner that causes loss or harm to those who placed the person in the position of trust, actions can...and should be taken.
Punitive actions against people who have failed in their fiduciary responsibilities are commonplace. We see it time and again that school superintendents and school board officials are removed from office due to various forms of monetary mismanagement. City managers lose their high salaried positions because funding is wrongly allocated. Corporate leaders are charged with crimes because monies in their trust have been lost.
So, why do we, as a nation, stand by and allow members of the House of Representatives and Senate sit high on their platforms of regal importance and point fingers of blame at everyone but themselves.
It is Congress that passes legislation filled with everything from "Buy America" requirements to the banning of Mexican trucks that were guaranteed access to our highways by treaty, thus threatening tariff barriers. It is Congress that inserted requirements that any contracts accepting stimulus money must pay the prevailing union wage, thus reducing the number of Americans who can be employed by that same money.
It is Congress that inserted rules in the various bailout packages that all contracts must be honored. It is Congress that placed almost 9,000 pieces of earmark legislation in a spending bill, thus giving a favored few rich rewards at the expense of all Americans.
To take things even a step further, the President told all citizens that his would be a transparent administration and even that all bills would be posted for five days before he signed them, to allow citizens the opportunity to view and understand national actions. That proved to be a false promise.
If everything mentioned here were to be examined closely, there could be only one conclusion and that is every person in national elected office has failed in his or her fiduciary responsibilities. Such massive failure demands, at the very least, they are removed from the positions they now hold. Those charged with the tasks related directly to finance have failed to perform their duties so flagrantly, their actions border on being criminal.
I guess that is why many of us can't stand to look at these televised hearings. They are a farce. Instead, Congress should be sitting at the front of the hearing room be quizzed and sanctioned by the electorate.
Now, this does not dismiss the actions of those corporate executives that have trashed our economy. They too should all be charged with failure to perform their fiduciary responsibilities. However, they were given the green light to raid our treasury by a congressional body that acted in a like manner.
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Note -- The opinions expressed in this column are those of the author and do not necessarily reflect the opinions, views, and/or philosophy of GOPUSA.
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