Richard Painter: Fiduciary Duty Self Greed
on Monday, October 3, 2016Richard W. Painter Money Quote saying saying that the Trump claim of fiduciary duty to himself is better defined as greed. Richard W. Painter said:
“There is no such thing as a fiduciary duty as a businessman to oneself. That’s called greed. And greed is not a component of the law of fiduciary duty anywhere” — Richard W. Painter
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Richard Painter is arguing that a businessman does not actually have a “fiduciary duty” to act in their own self-interest above all else, as President Trump has claimed. Painter states that putting one’s own personal financial interests above all other considerations is simply called “greed,” not fiduciary duty.
As a lawyer, Painter is pointing out that fiduciary duty in law requires acting in the best interests of others, such as shareholders or clients, not just oneself.
By claiming greed is not a legal component of fiduciary duty, Painter appears to be asserting that the President must put the nation’s interests above his own business and financial concerns, as required by the Constitution, rather than prioritizing self-enrichment.