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Word of the Day for Tuesday, July 15, 2008fiduciary \fih-DOO-shee-air-ee\, adjective: 1. Relating to the holding of something in trust for another. American capitalism relies heavily on the fiduciary duty concept to protect those who entrust their money to large and often distant corporations. Corporate boards, whose members are elected by shareholders, bear the ultimate legal and fiduciary responsibility for the company's performance. Congress is faced with a great challenge in protecting workers who need help, while employing our fiduciary responsibility to guard the taxpayer dollar. As fiduciaries, investment advisers are expected to be on the client's side of the negotiating table in any deal. Fiduciary comes from Latin fiduciarius, from fiducia, "trust," and is related to faith and fidelity. | |||||||||
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