“There are some things that must be entrusted to government and some things that must be entrusted to private enterprise.”
“My estimate is that the financial sector takes $560 billion a year out of society. Banks, money managers, insurance companies, certainly annuity providers. They’re all subtracting value from the economy.”
Bill Moyers talks with John Bogle, the man who created The Vanguard Group in 1974. Vanguard is one of the two largest mutual fund organizations in the world. Bogle also developed the index mutual fund. In other words, he’s a foremost capitalist. Fortune named him one of the investment industry’s four “Giants of the 20th Century.”
You can view the video or read the transcript at Bill Moyers Journal.
Bogle has an article in Dædalus — Democracy in corporate America.
“These excesses in executive compensation, and the directly related machinations of financial statements, reflected the erosion in the conduct and values of our business leaders during the recent era, when something went wrong with American capitalism.”
Interesting and informative stuff.