blind trust

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blind trust

n.
A trust in which a person places his or her investments or assets under the control of an independent trustee and is not advised as to the trustee's decision making regarding the investments or assets, so as to prevent the expectation of personal profit or benefit from influencing the person's actions.

blind trust

n
(Banking & Finance) a trust fund that manages the financial affairs of a person without informing him or her of any investments made, usually so that the beneficiary cannot be accused of using public office for private gain

blind′ trust′


n.
a trust in which the financial investments of a public official are administered solely by a trustee, without the official's participation, so as to avoid conflict of interest.
[1965–70]
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.blind trust - a trust that enables a person to avoid possible conflict of interest by transferring assets to a fiduciary; the person establishing the trust gives up the right to information about the assets
trust - something (as property) held by one party (the trustee) for the benefit of another (the beneficiary); "he is the beneficiary of a generous trust set up by his father"
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References in classic literature ?
In young, childish, ignorant souls there is constantly this blind trust in some unshapen chance: it is as hard to a boy or girl to believe that a great wretchedness will actually befall them as to believe that they will die.
But now necessity was pressing hard upon her--now the time of her marriage was close at hand--she could no longer rest in this blind trust.
Crime may be forgiven; uncalculating sacrifice, blind trust, burning faith, other follies, may be turned to account; suffering, death itself, may with a grin or a frown be explained away; but passion is the unpardonable and secret infamy of our hearts, a thing to curse, to hide and to deny; a shameless and forlorn thing that tramples upon the smiling promises, that tears off the placid mask, that strips the body of life.
Disclosure requirements and conflict of interest laws help protect against the perception of legislative self-dealing, but blind trusts provide a way for lawmakers to preserve personal financial interests while avoiding lengthy disclosures and the need for recusals.
Hillary Clinton famously invoked the African proverb "It takes a village to raise a child," and though real estate transactions are a matter of public record, it also sometimes takes a village of intrepid informants to sort out ownership of properties purchased through inscrutable blind trusts and mysterious corporate concerns.
Blind trusts have been used by ministers in the past so they are not aware of what shares they own.
In 2010, the use of blind trusts - which politicians often use to avoid conflicts of interest - emerged briefly as a campaign issue between Perry and opponent Bill White.
Other REITs, known as blind trusts, have no property yet but want to take advantage of pending bargains.
In addition, the Associated Press reported Frist earned tens of thousands of dollars from HCA stock in a partnership controlled by his brother, outside of the blind trusts he created to avoid a conflict of interest.
Blind trusts can be established for a limited period of time, or for as long as certain situations exist, such as the time you serve as chairman of a board.
He said he has hired the same attorney who set up blind trusts for [former bank commissioners] Marlin Jackson and Joe Ford.
He poured scorn on big Labour donors who have been given peerages and jobs in government and questioned anonymous donations to blind trusts run by Mr Blair's lieutenants.