Broken Trust: Greed, Mismanagement, & Political Manipulation at America's Largest Charitable Trust (A Latitude 20 Book)

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9780824830144: Broken Trust: Greed, Mismanagement, & Political Manipulation at America's Largest Charitable Trust (A Latitude 20 Book)
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Princess Bernice Pauahi Bishop was the largest landowner and richestwoman in the Hawaiian kingdom. Upon her death in 1884, sheentrusted her property - known as Bishop Estate - to five trustees inorder to create and maintain an institution that would benefit thechildren of Hawai'i: Kamehameha Schools. A century later, BishopEstate controlled nearly one out of every nine acres in the state, aconcentration of private land ownership rarely seen anywhere in theworld. Then in August 1997 the unthinkable happened: four reveredkupuna (native Hawaiian elders) and a professor of trust-law publiclycharged Bishop Estate trustees with gross incompetence and massivetrust abuse.

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From the Publisher:

"Broken Trust reads like a political thriller with a whole assortment of characters straight out of a Tom Clancy novel and plot twists that are always unexpected. I really enjoyed this book; it was hard to put down. A great read!" --Scott Simon, author of The Prudent Investor Act: A Guide to Understanding

"I loved this book! Some of the characters are truly unforgettable. I am still shaking my head at the fiduciary breaches and the conflicts of interest." --Professor Mary LaFrance, University of Nevada School of Law

"King and Roth build tension and suspense by describing how the trustees react to the tightening grip of at least four separate civil and criminal investigations. Subpoenas fly, surveillance photos are snapped, phones are bugged, tires are slashed, judges cry in court, suicide factors in. The IRS swoops in like a huge predatory bird and threatens to revoke the trust's tax-exempt status, which would cripple the schools. Is paradise lost?" --Eve Lichtgarn, Hawaii Reporter

"The players in Broken Trust jump off the page. . . . What makes Broken Trust so fascinating is that it works on multiple levels. It's a well-researched book about Hawaii's history and culture; a dramatic story of judicial, political, and corporate corruption; and a cautionary tale for acting or future charitable trust board members." --Christopher Quay, Exempt Organization Tax Review

"The two-year, emotionally charged crisis, which made headlines almost every day in the Islands, and was called `the biggest story in Hawaii since Pearl Harbor' by 60 Minutes, is an arguably more absorbing story in book form, with new details and accounts of secret meetings, than it was in the slow-developing daily newspaper drama. Almost certainly Hawaii's book of the year, a morality tale for each and every one of us." --Spirit of Aloha Magazine

"A breath-taking panoramic view, not only of the post-contact history of Hawaii, but also an intimate portrait of the birth, development, and travails of the world's wealthiest charitable trust. . . . An inspiring universal story of corruption and hubris, personal courage and integrity, civic responsibility, and cautious hope for an informed community committed to democratic process and ideals." --David Farmer, Hawaii Bar Journal

"Broken Trust brought me through every emotion. It is a straightforward lesson in trust obligation and accountability for sure, but it is also a glimpse into the communal conscience and value system of our ancestors and the Hawaiian community today. Whatever one takes away from the reading of this book--you cannot miss the opportunity to be inspired by everyday community members who put a stake in the ground, tied themselves to it, and faced the storm." --Robin Danner, President, Council for Native Hawaiian Advancement

"The book is quite extraordinary. I'm amazed at the level of detail--both in terms of the information and the authors' willingness to share it given the politicized nature of the subject matter. I'm also astonished that, with so much factual information, the book is incredibly engaging. It reads like a story--with the figure of B. P. Bishop looming silently in the background--rather than a historical text. Perhaps most importantly, I appreciate the apparent balance represented in the work. My inclination is to be sympathetic to the plight of Native Hawaiians. Yet, whenever I began to think the book reflected a pro-Western bias, the pendulum would swing almost immediately in the other direction. Or, maybe, it's just that I began to see as I turned the pages, how the issues surrounding the Bishop Estate and Native Hawaiians are not black and white, but clouded with all sorts of complications and shades of gray." --Professor Trina Jones, Duke University

"I just finished Broken Trust last night. I couldn't put it down! It read like a novel and I couldn''t wait to get to the ending." --Martin D. Begleiter, Distinguished Professor of Law, Drake University

"It is hard to imagine a better poster child for charitable malfeasance. . . . [F]inancial skullduggery looks to be only the consequence, not the cause, of a deeper rot." --Albert Keith Whitaker, Philanthropy Roundtable

About the Author:

Samuel P. King is Senior U. S. District Judge, District of Hawai'i, appointed in 1972, following eleven years as a Hawai'i State Circuit Court judge. Randall W. Roth is professor of law at the University of Hawai'i.

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