First; Stolen Valor, Next Violating Fiduciary Responsibilities. What's Next to Come?

As some of you know, I was a Banker for over thirty-five years. I wore many hats, some simultaneously, responsible for most of the deposit or branch operations side of the business. This was the savings, checking, business checking and retirement account side of the business.

 

I was responsible for defining and implementing the bank policies which affected how the bank protected your account with us. Essentially, my role was that of a fiduciary, to advocate for the customers (you), and to make certain your interests were fully protected.

That is the role of a fiduciary.

One is placed in this position because of his reputation to be trustworthy, honest and competent. I was certainly a trustworthy and honest person. My supervisors recognized that.

My job, therefore, was generally to make sure I was up to date with regulations and procedures as set forth by Federal and state entities. I attended many seminars to maintain my competency and placed people into their positions based on their own moral code and ability to competently do the job assigned.

There are stiff penalties if you are accused and found guilty of violating one’s fiduciary responsibilities. These include, but are not limited, to personal liability for attorney fees, court costs, reimbursement for any losses incurred, fines, loss of your job and even jail time.

Now that I laid this out, on Monday evening, it was reported by  Fox News and others that Governor Tim Walz, current Democrat Vice Presidential designee, has been serving as chairman of the Minnesota State Retirement System since January 2019, overseeing $140 billion in state employee funds, including $28.2 billion for teachers, the outlet reported. And is ultimately the person responsible.

Investigators allege that the state-run Teachers Retirement Association (TRA) has only revealed less than 10% of the $2.9 billion in fees it spent over the last decade. They also criticized TRA for reporting gains that barely exceed its own benchmarks by 0.2%, which he described as "virtually impossible."

“Even Bernie Madoff didn’t claim to beat the market every single year — and certainly not by the exact same percentage," the chief investgator said, and called the TRA performance a "Madoff miracle under Walz’s watch.”

Very suspicious, indeed. And as the governor, Walz is in that same fiduciary position that I was, and many others are held to every single day. Without having their integrity questioned.

Re,member, Madhoff went to jail for violating his responsibities. Will Walz be held as accountable? Or will he get a free pass because he is a Democrat? Oh, that two-tier justice system!

How much longer will Walz be running as Kammy’s VP choice and what else is he hiding under that rock?