The Battle for the Soul of Capitalism: How the Financial System Undermined Social Ideals, Damaged Trust in the Markets, Robbed Investors of Trillions—and What to Do About It Kindle Edition

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ISBN-13: 978-0300109900
ISBN-10: 0300109903
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Editorial Reviews

From the Author

Q: You say that individual investors have paid a heavy price for the abuses that occurred within the corporate, investment and mutual fund communities during the past few years. In what ways?A: Individual investors have incurred high losses by paying excessive costs for executive compensation and purchasing overpriced stocks from option-enriched executives and entrepreneurs. Investors have also sacrificed returns by paying excessive management and marketing fees to funds that have delivered market-inferior returns. These costs can deprive investors of as much as 75 percent of the potential longterm returns available in the stock market simply by owning an S&P 500 Index Fund.Q: Despite the problems you point to in the book, you remain optimistic about the future. What are some of the things that make you hopeful?A: Progressive public policy has begun to move toward the creation of a better world for investors, with laws and regulations designed to enhance the accuracy of financial statements, to increase the responsibilities of directors, and to give owners opportunities to ensure that their interests are served. However, the greatest reforms will come when an even better educated and informed investing public takes action in its own enlightened self interest.Q: If you were to distill your book down to a few key messages, what would those be?A: It is time to abandon the managers’ capitalism that has shaken our society’s belief in the fairness of the system and return to the owners’ capitalism that built our nation. We need to build independent boards of directors who will provide prudent stewardship of the assets of the owners. We need the new controlling stockholders of corporate America—the mutual and pension funds—to act responsibly and solely in the interests of their investors. We need to create far more efficient systems for retirement savings that assure investors and beneficiaries of their fair share of market returns. To begin these tasks, we need to form an independent federal commission to evaluate our new agency society, with a view toward restoring fiduciary duty and trust as its objective. --This text refers to an out of print or unavailable edition of this title.

From Publishers Weekly

Despite its inflated title, this volume is a worthy jeremiad against corporate excess, especially the kind hastened by the mutual fund industry that Bogle, former CEO of low-cost Vanguard, knows well. Among the problems: inflated executive compensation and creative accounting that allows companies to claim profits even when they're in the red. Mutual fund companies, Bogle charges, care more about short-term results than long-term value, and many of them gain profits for larger parent corporations by charging investors unnecessary fees that undermine the funds' net returns. To remedy such problems, Bogle writes, mutual fund owners and their fiduciaries must exercise the corporate responsibility they now shirk, and fund boards must be reshaped to serve the interests of shareholders. He advances in all seriousness Warren Buffett's once-joking idea for a high tax on short-term trading gains and calls for a federal commission to examine the way pension funds are managed, as well as the state of our retirement systems in general. While other recent books, such as David Swensen's Unconventional Success: A Fundamental Approach to Personal Investment, marry similar criticisms with more advice for individual investors, Bogle—a rock-ribbed Republican businessman—still deserves attention in the precincts of power. (Oct.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
--This text refers to an out of print or unavailable edition of this title.

Product details

  • ASIN ‏ : ‎ B002CJM12M
  • Publisher ‏ : ‎ Yale University Press (November 1, 2005)
  • Publication date ‏ : ‎ November 1, 2005
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 2618 KB
  • Text-to-Speech ‏ : ‎ Enabled
  • Screen Reader ‏ : ‎ Supported
  • Enhanced typesetting ‏ : ‎ Enabled
  • X-Ray ‏ : ‎ Not Enabled
  • Word Wise ‏ : ‎ Enabled
  • Print length ‏ : ‎ 345 pages
  • Lending ‏ : ‎ Enabled
  • Customer Reviews:
    4.3 out of 5 stars 56 ratings

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John C. Bogle (Bryn Mawr, PA) is Founder of The Vanguard Group, Inc., and President of the Bogle Financial Markets Research Center. He created Vanguard in 1974 and served as Chairman and Chief Executive Officer until 1996 and Senior Chairman until 2000. He had been associated with a predecessor company since 1951, immediately following his graduation from Princeton University, magna cum laude in Economics. The Vanguard Group is one of the two largest mutual fund organizations in the world. Headquartered in Malvern, Pennsylvania, Vanguard comprises more than 100 mutual funds with current assets totaling about $742 billion. Vanguard 500 Index Fund, the largest fund in the group, was founded by Mr. Bogle in 1975. In 2004, TIME magazine named Mr. Bogle as one of the world's 100 most powerful and influential people, and Institutional Investor presented him with its Lifetime Achievement Award. In 1999, FORTUNE designated him as one of the investment industry's four "Giants of the 20th Century." In the same year, he received the Woodrow Wilson Award from Princeton University for distinguished achievement in the nation's service."

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4.3 out of 5 stars
4.3 out of 5
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