First off, I'm just the messenger here, as I found the yahoo post helpful, especially given that people seem very excited about the new chairman's communication style.
But second, I don't see how there's any fiduciary responsibility. The chairman explained that away by saying that, at the time, the DB people believed the market for these sorts of things was OK. Same as you or me listening to a broker tell us that preferred ETFs, for example, are a good investment because they pay high dividend yields -- and then interest rates go up and the prices of those ETFs fall, and the broker says, "Well, it was my best judgment at the time -- and, hey, your dividend yield just went up, so you're happy, right?" It's the CFO that has fiduciary responsibity to the shareholders. Now, if someone could prove that the DB people intentionally misled our CFO, that's another story. Because otherwise, we'd have "breach of fiduciary responsibility" investigations every time the market went down.
Third, we all know that a safe place for the funds, where they're immediately available and bearing interest, is only one place, and that's money market. The key is, they need to be, now as well as back in November, available immediately. Whoever was acting as our CFO should have known this. It that makes me a Momnday Morning CFO, then watch out on Tuesday, mate!
JMHO
