Tuesday, April 6, 2010

Fiduciary

The modern fiduciary pledges to look after other people’s money, as in the case of employee retirement plans. In ancient Rome, however, a “fiduciary” had an even more delicate assignment. A fiduciary was the person entrusted to bring home safely a daughter or sister, after buying her out of a bad marriage. Her family would send their fiduciary to pay the price of the unhappy woman’s freedom, take possession of her, and bring her unharmed to the person of her choosing. Having the same root as the word “fidelity,” the word has always meant someone who can be trusted to act faithfully or unselfishly.

“As night was falling, and they left behind the estate that had brought her such misery, she contemplated the long journey home in the company of this man she had known since childhood, and could not help but wonder nervously if any man who was not a eunuch could be trusted to be a fiduciary.”

Scale of 1 to 10—9. When performed correctly, a duty that brings great honor and distinction. When shirked, only ignominy.

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