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37 Cath. Law. 117 (1996-1997)
Diocesan Asset Managment Strategies: The Civil Law Perspective

handle is hein.journals/cathl37 and id is 127 raw text is: DIOCESAN ASSET MANAGEMENT STRATEGIES: THE CIVIL LAW PERSPECTIVE WILLIAM F. MCCARTHY* The assessment of risk and return reminds me of a story told by the late Cardinal O'Fiach, Primate of Ireland. The story was about an old fisherman from the Arran Islands who came into Galway to go to confession. The fisherman said to the priest, Bless me father for I have sinned. It has been three years since my last confession. The priest responded, My good man, you can't wait three years to go to confession. You have an obligation to make your Easter duty once a year. The fisherman replied, Father, I'm out there in the Arran Islands and I came in here to Galway to find a priest. I've got to get into my little boat and I've got to row all the way across the water and the winds blow and it's awful. The priest, in turn, said, But now there's an airplane that comes in twice a week. A little airplane that comes in and lands in Galway. You can get on that airplane and come in here and go to confession. With that, the fisherman replied, Father, I can't use that airplane to come in here to go to confession. For venial sins it's too expensive and for mortal sins it's too dangerous! Just like the old fisherman, business corporations constantly reconcile risk and expense. Indeed, business corporations regu- larly question whether they should incorporate some portion of their enterprise into a separate entity to insulate the remaining . Member of the Massachusetts Bar. Partner in Ropes & Gray, Boston, Massa- chusetts. A.B. cum laude, College of the Holy Cross, 1967; J.D. cum laude, Harvard Law School, 1970.

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