Dogs and Cats, Fiduciaries and Brokers

As a little kid, I was allowed to name two kittens my mother's Persian had produced. To show my precocious sophistication, I chose "Scotch and Soda."

Scotch grew up to be big, handsome and smart. To humor me, he would even obey commands. Scotch realized I was too young to know cats don't like to do doggy stuff like "Come!" and "Fetch!"

Scotch came to mind when I read Trusted Adviser or Stock Pusher? in The New York Times. Maybe attempting to impose fiduciary standards on brokers and insurance agents isn't the good idea I thought it was. Maybe the Sell Side should not and cannot be expected to act like Buy Side advisers. Like Scotch the handsome Persian, some may play along, but it's not in their nature. And it's not their job.

Congress seems to be having similar second thoughts. Are we caving in too easily?