In an interesting column by Gretchen Morgenson, "Fair Game/Too Big to Fail, or Too Big to Handle?" p. 1, col. 1 (New York Times Nat'l ed., "SundayBusiness" Section, Sunday, June 21, 2009), this observation appears:
This means creating incentives that encourage regulators to perform in the taxpayers' interests.
This in turn raises a couple of interesting issues. Among them: When regulators are acting on behalf of the people, with powers delegated by the people of course, do the regulators owe a Fiduciary Duty to act in the best interests of the people -- even if the regulators' own interests, or the interests of the regulated entities, are in conflict?
Second, when these conflicting interests do not result in regulation which serves the interests of the people, what remedy or remedies does the law provide for what then is perhaps a Breach of Fiduciary Duties?
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