The Battle for the Soul of Capitalism »

John C. Bogle is founder of the Vanguard Mutual Fund Group and President of its 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. In 1999, Fortune magazine named Mr. Bogle as one of the four "Investment Giants" of the twentieth century; in 2004, Time named him one of the world's 100 most powerful and influential people; and Institutional Investor presented him with its Lifetime Achievement Award.

A financial expert explains what’s wrong in corporate, investment, and mutual fund America, the reasons behind the problems, and what should be done about it

The New York Times - Jeff Madrick

… we should be grateful that an insider like him is willing to elucidate the often murky and apparently deceptive workings of the Street. John Bogle has been making Wall Street a better place for decades. His book is yet another important contribution in an illustrious career.

Contents

Foreword by the Honorable Peter G. Peterson....................ix
Acknowledgments....................xi
Introduction: Capitalism and American Society....................xv
PART I: CORPORATE AMERICA....................1
1 What Went Wrong in Corporate America? "A Pathological Mutation"....................3
2 Why Did Corporate America Go Wrong? "Somebody's Gotta Keep an Eye on These Geniuses"....................29
3 How to Return Corporate America to Its Owners: "Owners of the World, Unite!"....................47
PART II: INVESTMENT AMERICA....................69
4 What Went Wrong in Investment America? King Kong, or Mighty Joe Young?....................71
5 Why Did Investment America Go Wrong? The Momentary Precision of Stock Prices Versus the Eternal Importance of Intrinsic Values....................92
6 How to Fix Investment America: "Capitalism Without Owners Will Fail"....................117
PART III: MUTUAL FUND AMERICA....................139
7 What Went Wrong in Mutual Fund America? The Triumph of Salesmanship over Stewardship....................141
8 Why Did Mutual Fund America Go Wrong? "Losing Our Way"....................169
9 How to Fix Mutual Fund America: "Organized, Operated, and Managed" for Shareholders....................191
PART IV: CONCLUSION....................215
10 American Capitalism in the Twenty-first Century: "To Begin the World Anew"....................217
Notes....................243
Index....................253