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The Battle for the Soul of Capitalism
John C. Bogle
How the financial system undermined social ideals, damaged trust in the markets, robbed investors of trillions--and what to do about it.
Yale University Press
November 2005
288 pages
ISBN: 0300109903
Hardcover
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Non-Fiction
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.
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