LET ME PUT THIS as simply as possible, because it isn't really complex, although it is important. The eminent Richard Parsons, former chairman of Time Warner (the parent of Fortune's publisher), is chairman of the board of directors of Citigroup, the immense, troubled financial entity. As such, he owes an unequivocal, clear-cut fiduciary duty to Citi's shareholders. This duty means, among other things, that Parsons must put the interests of Citi's shareholders ahead of his own or anyone else's. He must avoid any conflict of interest in any situation involving Citi. He must disclose every single thing he does and any investment or remuneration he makes or receives that has any connection, however remote, with Citi.
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