Wednesday, March 26, 2008

Jack Bogle Speaks Truth To Power

I have great admiration and respect for Jack Bogle, the founder of the Vanguard Group. He seems to be one of the few “really big financial guys” that thinks the customer is important. I think he sees this from the point of view that it’s good for your business to treat your customer fairly. I think he also believes treating your customer fairly is the ethical thing to do. A rare bird, someone who is in the financial business for reasons other than just making lots of money for himself. If only there were more like him.

Here is an excerpt from the Nightly Business Report which was broadcast on Monday March 25, 2008:

SCOTT GURVEY: But not every investor is satisfied. Jack Bogle sees a double standard.

JACK BOGLE: It is to me remarkable that all these capitalists who say just keep the government out of the way and we'll do fine are the first ones in line when they're coming to search for help -- you know, go to the government whenever you get in trouble. And so I'm deeply troubled by the conflict between those two kind of polar positions.

SCOTT GURVEY: Bogle says it is time to revive the Glass-Steagall act of 1933, which separated commercial banks from investment banks. That law was repealed in 1999. Scott Gurvey, NIGHTLY BUSINESS REPORT, New York.

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