I had to laugh almost as much as when I read that Securities and Exchange chairwoman Mary Jo White announced that the SEC is committed to independently formulating a unified “fiduciary standard” that requires all financial intermediaries to put their clients’ interests before their own.
I wonder when — not just in the age of capitalism, but throughout the entire course of human history — anyone has put his clients’ interests before his own? (I should point out that most hedge funds have their own interests closely aligned with their clients’, because their partners are usually not only large investors in the fund but their earnings are also largely determined by their performance and the related fees.)
