Obviously, there is no right answer to this question. We have found that some students approach this question from the perspective that people’s jobs are more important than people’s money. We try to point out that both the current workers and the retired investors are dependent on income from the corporation in order to survive. Nevertheless, some students will not budge from the belief that workers have a higher priority than suppliers of capital. Once this part of the discussion winds down, we like to shift to the issues of fiduciary responsibility. Even if students believe that the needs of the workers should take priority, a question remains concerning the portfolio manager’s professional obligation. Given that he has been hired to protect the interests of the investors, how high a priority can be placed on another group that will be affected by a potential bankruptcy?