Fiduciary Responsibility

Doug Grow's column in the Strib today is a masterpiece of misplaced populism:

"Poor Wells Fargo. In a bloody drama that's unfolding in New York courts, the big bank could be portrayed as coldly crushing innocent small businesses owners.

But the big bank points out that it's merely doing its job of protecting investors.

David Dennison, owner of a small video production company in Delano, is among those on the verge of being crushed in the name of investor protection."

Grow goes on to explain that Mr. Dennison is going to court in New York State - and that if he loses, he could lose his business.

With all due respect to Mr. Dennison's situation - and it's a crummy one - I need to ask Doug Grow this; what is Wells Fargo supposed to do? It's a bank and investment company - its job, indeed its fiduciary responsibility, is to look out for the well-being of its investors. The company can be barred from representing investors at all if it doesn't look out for their interests!

And yet - read the article - Grow paints this very legal fact as proof that Wells Fargo is a looming, uncaring bureaucracy whose only interest is squashing the little guy.

Dennison needs to go to court. The court will, hopefully, see the absurdity of the situation.

So does Mr. Dennison have a legal defense fund?

Mr. Grow doesn't say.

(Full disclosure: I'm currently a consultant with Wells Fargo Mortgage - which is not directly related to Wells Fargo's investment business)

Posted by Mitch at January 27, 2004 07:12 AM