He was also quick to point out, however, that it's particularly important for the sale of the assets to be done correctly in order to fulfill the fiduciary duty of maximizing the creditors' return.

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He structured his relationship with the pension such that he would earn a little money from the fund through pretending to serve as a fiduciary providing objective advice while he was earning millions from money managers who paid him in return for money management assignments.

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Fiduciary duty requires that institutions invest capital with the expectation of earning a competitive rate of financial return commensurate with risk.

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