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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: carranza2 who wrote (142598)	10/12/2005 5:07:33 PM
From: John Carragher	Respond to of 793916

that's exactly true.. but it is not blind but in name only. you know what you put in the trust. and you set up blind trust to keep your investments in a trust for the family. and avoid conflict of interest. why set up a blind trust unless you wanted to hold up the stocks you currently hold vs sell them and perhaps take losses or huge taxable gains. it is a way to keep money out of current income and pass the trust on to others thus also perhaps skipping a generation or so. " a blind trust may be available as a remedy for a potential conflict of interest. In order to be recognized, the trust must include certain required provisions in the trust instrument and have an approved independent trustee. A blind trust must be approved by the Director of the Office of Government Ethics before it is executed. There is no requirement that a person utilize a blind trust as a means of resolving potential conflicts of interest. Generally, a blind trust will be appropriate where the holdings are of such an array and magnitude that creation of a qualified trust would be the most practical means of avoiding conflicts" remember it was created so politicians executives didn't have to unload family stocks , etc and take capital gains etc . rather they could set up a so called blind trust and this ethics so to say means you no longer have a conflict of interest. it is nonsense to believe that a blind trust acts independent of the owner of the trust.. do you think a trustee would sell stock without first notify owner . if so trustee would be replaced immediately. so you really know what is in the trust and you get notice of changes in the trust... therefore not blind but only through some eithic created gov. to say you avoid conflict of interest and you are allowed to continue to hold your investments. only with fisk folks are saying wait a minute.. you knew what was in the trust when you said you didn't know. of course he did. now he says he told the trustee to sell the stock in his blind trust... how could he do that if blind.. because they are not blind but on paper only. and his reason he didn't want to seem to have a conflict of interest running for president .. but it seems it was ok as senator. it is a scam.