The Battle for the Soul of Capitalism
The Battle for the Soul of Capitalism
Publisher: Yale University Press | pages: 288 | 2005 | ISBN: 0300109903 | PDF | 16,6 mb
Publisher: Yale University Press | pages: 288 | 2005 | ISBN: 0300109903 | PDF | 16,6 mb
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.