Fiduciary Duty, Subprime Lending and the Economic Downturn
Cheryl Lyn Wade
St. John's University - School of Law
August 16, 2010
This article explores decision making relating to the compensation of executives of the Wall Street firms and mortgage companies that entered into the subprime and predatory lending debacle that precipitated the economic crisis in the first decade of the 21st Century. Obviously, the determination of their compensation involves questions relating to the fiduciary duty of loyalty. A more controversial issue involves the decision executives made to enter the subprime market and whether executives breached the duty of good faith owed to their shareholders.
Date posted: August 18, 2010
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