Don't Count on It! by John C. Bogle

Author:John C. Bogle
Language: eng
Format: epub
Publisher: Wiley
Published: 2010-10-22T04:00:00+00:00

In sum, the change in the rules that I advocate—applying to institutional money managers a federal standard of fiduciary duty to their clients—would be designed in turn to force money managers to use their own ownership position to demand that the managers and directors of the business corporations in whose shares they invest also honor their own fiduciary duty to the holders of their shares. Finally, it is these two groups that share the responsibility for the prudent stewardship over both corporate assets and investment securities that have been entrusted to their care, not only reforming today’s flawed and conflict-ridden model, but developing a new model that, at best, will restore traditional ethical mores.

And so I await—with no great patience!—the return of the standard so beautifully described by Justice Cardozo all those years ago, excerpts from his words cited earlier in my remarks:Those bound by fiduciary ties . . . [are] held to something stricter than the morals of the marketplace . . . a tradition unbending and inveterate . . . not honesty alone but the punctilio of an honor the most sensitive . . . a level of conduct . . . higher than that trodden by the crowd.

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