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New York’s attorney general, Eliot Spitzer, spoke to the National Press Club in February, discussing the recent business scandals on which he has launched a crusade. He cited the businesses in question for serious “breaches of fiduciary duty,” including the insurance industry and the brokerage firms that he has tackled. At his dinner table one evening, he told the audience, he asked his 15-year-old daughter what her favorite word was. She gave him that typical teenager look and responded that she did not have one, but she sure knew what his were: fiduciary duty.

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