the trust indenture allows the trustee to use trust funds to indemnify himself from legal attack. most corporations provide this same security net for management when they face lawsuits for actions or inactions while on watch.
HOWEVER, when the words fraud, conspiracy, and self-dealing are mentioned in a lawsuit by the very beneficiaries the trustee is supposed to be protecting, there is no way in hell a court should allow mr trustee to pay his legal fees with funds belonging to the trust. it absolutely boggles my mind that these people are that damned stupid. it's a fairly simple concept. you keep your dirty hands OUT of the trust cookie jar. period. how hard is that? go back in history and look at what jpm has paid themselves in fees. the trust docs clearly delineate how much they are allowed to take. they've exceeded the limit every month and they haven't flinched. and what did we get in return? a pimp who wasn't smart enough to cover his tracks.
look MU, as TRUSTEE you owe(d) the highest level of duty to your beneficiaries. you failed because you were self-interested. i wonder how you spent the under the table money. did you pay for a kids college education with dirty money? buy yourself a new car, perhaps a country club membership? or did you ship that money down to the caymans?
the premise is quite simple - as a trustee, if it doesn't feel right, you don't do it. you intentionally look for the conflict and you avoid it - at all costs - even if it costs your silly bank a few bucks in earnings. jpm - and especially MU - is reprehensible or worse.
after reading some of the recent posts i will opine that all defs are acting as they should - as defs who got caught in the headlights. that doesn't make their actions right or justify their history of theft. it just means they are in damage control and "let's not go to jail" mode.
they're gonna fight like hell to get this thing tossed.
sorry fellas, but it ain't going away that easy. we're gonna get ya in a court of law in front of a jury and that jury will decide your fate IF the feds don't get you first. sleep tight boys.
AI
