These two terms keep flashing in my face everytime I think about how our government officials are acting. Now I've had my share of great successes and great failures. I like to refer to them as my mountaintop's and my valley's. Nonetheless, the risk taking that I have made didn't cause harm to anybody else. Those were choice's that I made on MY BEHALF. That was MY MONEY and MY TIME lost NOT somebody else's. I didn't have to answer to anybody else. Therefore, if things didn't work out how I planned all I had to do is dust myself off, eat rice for a few weeks and move on to my next plan. I'm older and wiser now and would like to think that I've learned from those choice's. I feel that I am more settled now. Although, I know in my heart that I have to take chances if I'm going to make my dreams come true. But I'm still MINDFUL that it is MY DREAM that I am pursuing using MY TIME and MY MONEY and not somebody else's.
Now I was quite different when I worked on somebody else's behalf. I took my "fiduciary duty" seriously. Why? Well for starters, I was representing another person and not me. That other person was putting their trust in me and looking to me for guidance. That is a lot of responsibility. Imagine another person giving you persmission to invest their life savings that they worked hard for years to obtain. It wasn't my money to invest as I saw fit. No No No. I had to invest their money according to their needs NOT MINE. Therefore, I had to make wise prudent investment decisions acting on their behalf. I wouldn't DARE take my kind of risks with their money. I couldn't live with myself if I lost their money. Why? Because they put their TRUST IN ME to do the RIGHT THING on their behalf. My mission statement started with strong work ETHICS, INTEGRITY and personal QUALITY service and I meant it. These principles were at the forefront of every transaction I did. The goal for any investor is preservation of capital (money), earnings and growth. The same holds true for me when I was an equity trader. I traded stocks and bonds for money mangers (small and large) and was responsible for getting the BEST PRICE on every trade I executed on their behalf. NOT ANY PRICE but the BEST PRICE. That's what they expected of me and that is what I delivered. Now let us take a good look at the definition of these two terms, "Due Diligence" and "Fiduciary Duty".
DUE DILIGENCE - 1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to a sale. 2. Generally, due diligence refers to the care a reasonable person should take before entering in an agreement or transaction with another party.
FIDUCIARY DUTY - A fiduciary duty is a legal or ethical relationship of confidence or trust between two or more parties. In a fiduciary relation one person, in a position of vulnerability, justifiably reposes confidence, good faith, reliance and trust in another whose aid, advice or protection is sought in some matter. In such a relation GOOD CONSCIENCE requires one to ACT AT ALL TIMES for the sole benefit and interests of another, with loyalty to those interests. A fiduciary duty is the HIGHEST STANDARD of care at either equity or law. A fiduciary is expected to be extremely loyal to the person to whom he owes the duty the ("principal") HE MUST NOT PUT HIS PERSONAL INTEREST BEFORE THE DUTY, and MUST NOT PROFIT from his position as a fiduciary, unless the principal consents.
Now did you read the definitions of the two terms above? If you didn't, I am going to ask you to read them. If you have to, read them 3 times so that the meanings sink in. The reason why I have posted those two terms is because our government at all levels has forgotten what they owe us. Most especially our federal government (ie; the president, the house and the senate). Our government is supposed to REPRESENT the American people. ALL OF US not just a select few. All of us TAXPAYING CITIZENS are considered the "principal" and our government is the acting represenative. All of us, INDIVIDUAL TAXPAYING CITIZENS, SMALL BUSINESS' and TAX PAYING CORPORATIONS PAY for their SERVICE (representation) acting on our behalf. And they get PAID WELL with the BEST BENEFITS plus on top of that AN EXPENSE ACCOUNT. Therefore, our government officials are responsible to do the "DUE DILIGENCE" expected of them acting on our behalf for every bill they intend to pass and that WILL BECOME LAW and affect ALL OF US! We, the TAXPAYERS MUST REQUIRE our government officials to meet their "FIDUCIARY DUTY" that WE ARE PAYING THEM FOR. If they want to continue to ACT like CROOKED SHADY SLIMY SALESPEOPLE they will be FIRED. Their POLITICAL CAREERS will be FINISHED! We become their TERM LIMITS! We need to STOP voting them back into political office because they talk the good talk and our country, state or city see's NO IMPROVEMENTS!
The federal government has been spending OUR TAXPAYER DOLLARS for programs that have ABSOLUTELY NOTHING to do with the WELFARE of our "NATIONAL" INTERESTS. These non-government programs are called "SPECIAL INTEREST" also known as "EARMARKS" or "PORK". Included in EACH BILL they have been passing are 1,000's of EARMARKS WORTH BILLIONS of TAXPAYER DOLLARS. I wish our federal government officials would look upon these expenditures as if they were paying WITH THEIR OWN MONEY. I'm sure they wouldn't SPEND $10,000 for a new toilet. I'm tired of hearing that they have to make DEALS in order to get a congressperson or senator to vote for a bill. That is so unbelievably WRONG (UNETHICAL) on EVERY LEVEL. What disturbs me the most is that everybody including the President is so damn complacent about it. They've been saying, "It's no big deal. That's the way things have always been done in Washington." WTF?! Isn't that why most of the Mafia's in the United States were indicted for? I say that your payoff sounds much like The Racketeer Influenced and Corrupt Organizations Act (RICO Act) passed in 1970 that made it a crime to belong to an organization that performed illegal acts. Well the organization in this case would be the Federal government and the illegal acts would be the "EARMARKS" that have NOTHING to do with the BILL (ie; military spending and health care).
Both the Democrats and Republicans are GUILTY of taking TAXPAYER DOLLARS that is SUPPOSED to be APPLIED to Federal Expenditures and using our money to PAYOFF their "SPECIAL INTEREST" in their district. These "SPECIAL INTEREST" are their political backers who make contributions to their campaigns. And you wonder why our country is in DEBT up to our ears. MULTIPLY Bernie Madoff a thousand times and you get a picture of the U.S. FEDERAL GOVERNMENT that has been USING OUR MONEY for their MASSIVE PONZI SCHEME living the HIGH LIFE on our DIME and PAYING OFF THEIR BUDDIES on our DIME. Meanwhile, the official UNEMPLOYED number being reported right now is 15,408,189 vs. the ACTUAL UNEMPLOYED 26,468,991. The number of foodstamp recipients right now is 34,004,106 and the number of foreclosures year to date is 829,643. The U.S. Census Bureau is reporting the U.S. population at 308,208,956. Please click HERE to be directed to the website I have taken this data from.
In closing, I would like for you to think about this scenario for a moment. Imagine yourself with a great idea and convincing your parents to loan you the money to launch your great idea. You promise to pay them back within a year. Your parents loan you the money that you need because they believe in you. Now fast forward one year later. Your parents follow up with you, they wouldn't normally. However, this time they need that money back to pay for something they need. To their surprise they find out that you didn't do what you told them you were going to do with that money they loaned you. Instead, they find out that you bought a new car, you bought new clothes, you've been traveling to nice exotic places, living the high life and have been blowing that money on your friends. WOW It's gone! Then you have the NERVE to tell your parents that you don't have the money to pay them back. How the hell do you think your parents are feeling at that moment? DISAPPOINTED? USED and ABUSED? TAKEN ADVANTAGE OF? RIPPED OFF? SAD? I'm using this analogy to DESCRIBE our Federal Government acting like this child and the U.S. TAXPAYER as the parents.
Don't you think the $100's of BILLIONS of taxpayer money that went to pay for SPECIAL INTEREST "EARMARKS" could be better used for programs such as re-fitting, stregthening the levies along the southern seaboard? Or how about IMPROVING our public education system? How about using our money to IMPROVE FEDERAL programs such as Child Protective Services? Do you know that so many children are being physically and psychologically abused and raped while Foster Care Parents are receiving FEDERAL DOLLARS for each child to raise them. How about IMPROVING the Securities and Exchange Commission (SEC) so that we don't suffer another financial collapse? There is NO reason to CREATE another fricken government agency. How about IMPROVING the FBI and CIA to PREVENT another terrrorist attack? Do you get my point? These BUFFOONS in Washington are mis-managing the TAXES they demand from us. They keep creating agency upon agency upon agency upon agency and NOTHING GET's DONE!
DUE DILIGENCE - 1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to a sale. 2. Generally, due diligence refers to the care a reasonable person should take before entering in an agreement or transaction with another party.
FIDUCIARY DUTY - A fiduciary duty is a legal or ethical relationship of confidence or trust between two or more parties. In a fiduciary relation one person, in a position of vulnerability, justifiably reposes confidence, good faith, reliance and trust in another whose aid, advice or protection is sought in some matter. In such a relation GOOD CONSCIENCE requires one to ACT AT ALL TIMES for the sole benefit and interests of another, with loyalty to those interests. A fiduciary duty is the HIGHEST STANDARD of care at either equity or law. A fiduciary is expected to be extremely loyal to the person to whom he owes the duty the ("principal") HE MUST NOT PUT HIS PERSONAL INTEREST BEFORE THE DUTY, and MUST NOT PROFIT from his position as a fiduciary, unless the principal consents.
Now did you read the definitions of the two terms above? If you didn't, I am going to ask you to read them. If you have to, read them 3 times so that the meanings sink in. The reason why I have posted those two terms is because our government at all levels has forgotten what they owe us. Most especially our federal government (ie; the president, the house and the senate). Our government is supposed to REPRESENT the American people. ALL OF US not just a select few. All of us TAXPAYING CITIZENS are considered the "principal" and our government is the acting represenative. All of us, INDIVIDUAL TAXPAYING CITIZENS, SMALL BUSINESS' and TAX PAYING CORPORATIONS PAY for their SERVICE (representation) acting on our behalf. And they get PAID WELL with the BEST BENEFITS plus on top of that AN EXPENSE ACCOUNT. Therefore, our government officials are responsible to do the "DUE DILIGENCE" expected of them acting on our behalf for every bill they intend to pass and that WILL BECOME LAW and affect ALL OF US! We, the TAXPAYERS MUST REQUIRE our government officials to meet their "FIDUCIARY DUTY" that WE ARE PAYING THEM FOR. If they want to continue to ACT like CROOKED SHADY SLIMY SALESPEOPLE they will be FIRED. Their POLITICAL CAREERS will be FINISHED! We become their TERM LIMITS! We need to STOP voting them back into political office because they talk the good talk and our country, state or city see's NO IMPROVEMENTS!
The federal government has been spending OUR TAXPAYER DOLLARS for programs that have ABSOLUTELY NOTHING to do with the WELFARE of our "NATIONAL" INTERESTS. These non-government programs are called "SPECIAL INTEREST" also known as "EARMARKS" or "PORK". Included in EACH BILL they have been passing are 1,000's of EARMARKS WORTH BILLIONS of TAXPAYER DOLLARS. I wish our federal government officials would look upon these expenditures as if they were paying WITH THEIR OWN MONEY. I'm sure they wouldn't SPEND $10,000 for a new toilet. I'm tired of hearing that they have to make DEALS in order to get a congressperson or senator to vote for a bill. That is so unbelievably WRONG (UNETHICAL) on EVERY LEVEL. What disturbs me the most is that everybody including the President is so damn complacent about it. They've been saying, "It's no big deal. That's the way things have always been done in Washington." WTF?! Isn't that why most of the Mafia's in the United States were indicted for? I say that your payoff sounds much like The Racketeer Influenced and Corrupt Organizations Act (RICO Act) passed in 1970 that made it a crime to belong to an organization that performed illegal acts. Well the organization in this case would be the Federal government and the illegal acts would be the "EARMARKS" that have NOTHING to do with the BILL (ie; military spending and health care).
Both the Democrats and Republicans are GUILTY of taking TAXPAYER DOLLARS that is SUPPOSED to be APPLIED to Federal Expenditures and using our money to PAYOFF their "SPECIAL INTEREST" in their district. These "SPECIAL INTEREST" are their political backers who make contributions to their campaigns. And you wonder why our country is in DEBT up to our ears. MULTIPLY Bernie Madoff a thousand times and you get a picture of the U.S. FEDERAL GOVERNMENT that has been USING OUR MONEY for their MASSIVE PONZI SCHEME living the HIGH LIFE on our DIME and PAYING OFF THEIR BUDDIES on our DIME. Meanwhile, the official UNEMPLOYED number being reported right now is 15,408,189 vs. the ACTUAL UNEMPLOYED 26,468,991. The number of foodstamp recipients right now is 34,004,106 and the number of foreclosures year to date is 829,643. The U.S. Census Bureau is reporting the U.S. population at 308,208,956. Please click HERE to be directed to the website I have taken this data from.
In closing, I would like for you to think about this scenario for a moment. Imagine yourself with a great idea and convincing your parents to loan you the money to launch your great idea. You promise to pay them back within a year. Your parents loan you the money that you need because they believe in you. Now fast forward one year later. Your parents follow up with you, they wouldn't normally. However, this time they need that money back to pay for something they need. To their surprise they find out that you didn't do what you told them you were going to do with that money they loaned you. Instead, they find out that you bought a new car, you bought new clothes, you've been traveling to nice exotic places, living the high life and have been blowing that money on your friends. WOW It's gone! Then you have the NERVE to tell your parents that you don't have the money to pay them back. How the hell do you think your parents are feeling at that moment? DISAPPOINTED? USED and ABUSED? TAKEN ADVANTAGE OF? RIPPED OFF? SAD? I'm using this analogy to DESCRIBE our Federal Government acting like this child and the U.S. TAXPAYER as the parents.
Don't you think the $100's of BILLIONS of taxpayer money that went to pay for SPECIAL INTEREST "EARMARKS" could be better used for programs such as re-fitting, stregthening the levies along the southern seaboard? Or how about IMPROVING our public education system? How about using our money to IMPROVE FEDERAL programs such as Child Protective Services? Do you know that so many children are being physically and psychologically abused and raped while Foster Care Parents are receiving FEDERAL DOLLARS for each child to raise them. How about IMPROVING the Securities and Exchange Commission (SEC) so that we don't suffer another financial collapse? There is NO reason to CREATE another fricken government agency. How about IMPROVING the FBI and CIA to PREVENT another terrrorist attack? Do you get my point? These BUFFOONS in Washington are mis-managing the TAXES they demand from us. They keep creating agency upon agency upon agency upon agency and NOTHING GET's DONE!
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