Schapiro, Bair call for review of Wall Street's fiduciary duty

04/28/2010 | CNBC

Securities and Exchange Commission Chairman Mary Schapiro and Federal Deposit Insurance Corp. Chairwoman Sheila Bair said a re-examination of Wall Street's fiduciary duty is in order. Schapiro and Bair declined to discuss Goldman Sachs' situation specifically but said questions have arisen about the way major investment banks treat their biggest clients. "I feel strongly we really need to -- I won't go further than this -- we really need to re-examine the construct around fiduciary duty with respect to at least public institutions," Schapiro said.

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