The question about loyalty needs further refinement. I suspect that most people would profess loyalty to someone or something. It may be to an institution, an idea or dogma, a person and maybe not a good person.
Loyalty is a legal thing. As you point out, the meaning of loyalty is fluid. For a fiduciary, it's the duty to put pension participants ahead of anything else, like growth and Wall Street speculation that can be inconsistent with a legal standard of loyalty.
The question about loyalty needs further refinement. I suspect that most people would profess loyalty to someone or something. It may be to an institution, an idea or dogma, a person and maybe not a good person.
So then, is loyalty per se a good thing?
Loyalty is a legal thing. As you point out, the meaning of loyalty is fluid. For a fiduciary, it's the duty to put pension participants ahead of anything else, like growth and Wall Street speculation that can be inconsistent with a legal standard of loyalty.