The Prophetic George Orwell – Winston Smith – 1948
George Orwell’s “1984” is a book that I reread every ten years. The more times I read the book, the more prophetic I see that it was.
Here are the final few paragraphs of George Orwell’s 1984
What is the relationship between a bank and a customer?
Although Bradley Birkenfeld never became famous as a banker, he was a banker.
In most cases banks do NOT owe a fiduciary relationship to their customers. The duty owed by a banker to a customer now depends on the nature of the relationship. Some people are mere customers or creditors of banks. Those who have “private banking relationships” may be entitled to a higher standard of care. There are clear cases where a bank does owe a fiduciary duty to a client. A recent article in the Ottawa Law Review suggests that the nature of the relationship will now be determined by the specific facts. When a bank is giving investment advice, the easier it is to establish a fiduciary relationship.