The Battle for the Soul of Capitalism

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Yale University Press, 2005 - Business & Economics - 260 pages
5 Reviews
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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LibraryThing Review

User Review  - PhyllisHarrison - LibraryThing

Pages of recommendations are the most interesting reading. The author has the credentials and correctly identifies many issues but seems to conclude as of this writing (2005) that all financial ... Read full review

LibraryThing Review

User Review  - Exocet - LibraryThing

I'm a fan of Bogle, a Vanguard investor, and a supporter of indexing as a way to superior long-term investment returns... but this book just shows good'ol Jack going ga-ga. Read full review

Contents

CORPORATE AMERICA
1
What Went Wrong in Corporate America? A Pathological Mutation
3
Why Did Corporate America Go Wrong? Somebodys Gotta Keep an Eye on These Geniuses
29
How to Return Corporate America to Its Owners Owners of the World Unite
47
INVESTMENT AMERICA
69
What Went Wrong in Investment America? King Kong or Mighty Joe Young?
71
Why Did Investment America Go Wrong? The Momentary Precision of Stock Prices Versus the Eternal Importance of Intrinsic Values
92
How to Fix Investment America Capitalism Without Owners Will Fail
117
What Went Wrong in Mutual Fund America? The Triumph of Salesmanship over Stewardship
141
Why Did Mutual Fund America Go Wrong? Losing Our Way
169
How to Fix Mutual Fund America Organized Operatedand Managed for Shareholders
191
CONCLUSION
215
American Capitalism in the Twentyfirst Century To Begin the World Anew
217
Notes
243
Index
253
Copyright

MUTUAL FUND AMERICA
139

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About the author (2005)

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.

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