The Battle for the Soul of Capitalism
John C. Bogle (Author)
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DescriptionA financial expert explains what's wrong in corporate, investment, and mutual fund America, the reasons behind the problems, and what should be done about it There is no one better qualified to tell us about the failures of the American financial system and the grotesque abuses that have taken place in recent years than John Bogle, who as founder and former chief executive of the Vanguard mutual funds group has seen firsthand the innermost workings of the financial industry. A zealous advocate for the small investor for more than fifty years, Bogle has championed the restoration of integrity in industry practices. As an astute observer and commentator, he knows that a trustworthy business and financial complex is essential to America's continuing leadership in the world and to social and economic progress at home. This book tells not just a story about what went wrong but, more important, the story of why we lost our way and of how we can right our course. Bogle argues for a return to a governance structure in which owners' capital that has been put at risk is used in their interests rather than in the interests of corporate and financial managers. Given that ownership is now consolidated in the hands of relatively few large mutual and pension funds, the specific reforms Bogle details in this book are essential as well as practical. Every investor, analyst, Wall-Streeter, policy maker, and businessperson should read this deeply informed book.
Yale University Press
November 01, 2006
6.1 X 9.22 X 0.75 inches | 0.9 pounds
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About the Author
John C. Bogle is founder and former CEO of Vanguard mutual funds. In 2004, Time magazine named him one of the most influential people in the world. In 1999, Fortune magazine named him one of the four investment giants of the twentieth century.
"Bogle describes the continuous struggle for control of our capitalistic system, the odds being heavily in favor of the managers. Individual investors and beneficiaries remain helpless, intermediaries are passive or conflicted, and boards not yet effective. You owe it to yourself to read this book and reflect on his call for further federal intervention to restore some balance."-Ira Millstein, Senior Partner, Weil, Gotshal & Manges LLP