A blind trust is a trust in which the fiduciaries, namely the trustees or those who have been given power of attorney, have full discretion over the assets, and the trust beneficiaries have no knowledge of the holdings of the trust and no right to intervene in their handling. Blind trusts are generally used when a settlor (sometimes called a trustor or donor) wishes to keep the beneficiary unaware of the specific assets in the trust, such as to avoid conflict of interest between the beneficiary and the investments. Politicians or others in sensitive positions often place their personal assets (including investment income) into blind trusts, to avoid public scrutiny and accusations of conflicts of interest when they direct government funds to the private sector. A blind trust is often frequently used with those who have come across a fortune within a short period of time (e.g. an inheritance, or a multimillion lottery) in order to keep their identity anonymous to the public.
Other articles related to "blind trust, blind trusts, trusts":
... in 1992–97, its front bench received funding from blind trusts ... The Neill Committee's report in 1998 found the use of blind trusts to be "inconsistent with the principles of openness and accountability" and recommended that such trusts be "prohibited as a mechanism for ...
... With the league in a blind trust there are no funds available to pay players, to buy plane tickets for road games, or to handle day-to-day operations ... The blind trust which hopes to find a new owner for the league abandons its efforts, and the league has over $2 million in debts ...
... placed his Hamilton County real estate holdings and businesses into a blind trust to avoid "even the perception of any conflict" ... On October 11, 2006, The Commercial Appeal reported that the blind trust that Corker set up to run his businesses to avoid conflicts of interest while he was ... the Corker Group, which was part of the blind trust, while he was mayor ...
Famous quotes containing the words trust and/or blind:
“Oh yet we trust that somehow good
Will be the final goal of ill!”
—Alfred Tennyson (18091892)
“... actresses require protection in their art from blind abuse, from savage criticism. Their work is their religion, if they are seeking the best in their art, and to abuse that faith is to rob them, to dishonor them.”
—Nance ONeil (18741965)