A Force for Good: How Enlightened Finance Can Restore Faith in Capitalism, by John G. Taft
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A Force for Good: How Enlightened Finance Can Restore Faith in Capitalism, by John G. Taft
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After the crisis of 2008, the social contract between the financial industry and everyone else was badly broken-perhaps, it seemed, irrevocably. Since then, banks have paid out billion-dollar settlements and Congress has passed some new laws, but a deeper rapprochement is still missing. John Taft has gathered some of the greatest financial minds of our time to explore how Wall Street can harness the same creative energy that invented credit default swaps and channel it towards the public good- in the form of a stable retirement system, investment strategies that protect the environment and reward responsible corporate behavior, and a financial industry with a culture of ethics, integrity and client focus. These perspectives, from a who's who of leaders in the field, offer a blueprint for a new kind of responsible finance and banking that secures the future for everyone. Contributors include:
* Robert Shiller on financial capitalism and innovation
*Charles D. Ellis on restoring ethical standards
*Sheila Bair on regulatory reform
*John C. Bogle and Mary Schapiro on rebuilding investor trust
*Judd Gregg on long-term fiscal imbalances
*Barbara Novick on the retirement savings gap
*David Blood on sustainable finance.
With so much brainpower in the financial sector, the potential for change is limitless. A Force for Good is the call to action the industry sorely needs.
A Force for Good: How Enlightened Finance Can Restore Faith in Capitalism, by John G. Taft- Amazon Sales Rank: #522596 in Books
- Brand: Taft, John G. (EDT)
- Published on: 2015-03-17
- Released on: 2015-03-17
- Original language: English
- Number of items: 1
- Dimensions: 9.55" h x 1.17" w x 6.32" l, .0 pounds
- Binding: Hardcover
- 320 pages
Review
“[A] thoughtful, albeit challenging, exploration of the hard road back to credibility for the financial industry...readers are likely to come away with renewed hope in our financial system's future.” ―Publishers Weekly
“Timely and insightful, this refreshing book is a beacon of hope and wisdom for generations to come.” ―Clara Shih, CEO and founder of Hearsay Social, Board Director at Starbucks, and author of The Facebook Era
“John Taft has compiled a powerful collection of original essays from America's thought leaders which provides a timely roadmap for the future of capitalism. If policy makers follow the advice of Taft and his colleagues, capitalism can be the greatest economic engine ever created.” ―Bill George, Senior Fellow at Harvard Business School, former Chair and CEO at Medtronic and author of True North
“John Taft set himself a difficult task: understand how skewed incentives for financial professionals brought on the Great Recession. A Force for Good collects the best analysis and advice from some of our wisest participants and observers. We all owe them--and John a huge thank you for reimagining how our system can be more broadly conceived, more stable, and more moral.” ―Tom Steyer, Investor, Philanthropist, Clean Energy Advocate
“Can capitalism--the greatest system of economic organization the world has ever seen--be improved upon? 'Yes,' contend the bold-face names who have contributed essays to A Force for Good. Economic policy wonks, no matter what their political orientation, will find something here to agree with, something to disagree with and--perhaps most important--something to ponder.” ―James Grant, editor of Grant’s Interest Rate Observer
“This compilation of thought-provoking insights from leaders in finance tackles the tough issues that harm investor trust and offers inspiration to the profession to work together toward building a financial industry that better serves society.” ―Aaron Low, Chair, CFA Institute Board of Governors
“After numerous years in which it seemed like the world of finance can do nothing right, John Taft's book reminds us that finance has a vital role to play in the betterment of American lives. Dispensing Wall Street braggadocio in favor of honestly earned wisdom, Taft marshals some of the financial world's sagest thinkers to help restore values and purpose to the financial community. A Force for Good is not just an important book--it's an optimistic one.” ―Richard Bradley, Editor-in-Chief, WORTH
“Taft is the sort of leader finance needs as it emerges from the crisis.” ―Matthew Bishop, New York Bureau Chief, The Economist
About the Author John G. Taft is CEO of RBC Wealth Management, one of the largest full-service investment, advisory and wealth management firms in the US. John is a former chairman of the Securities Industry and Financial Markets Association (SIFMA), the leading securities industry trade group. John has served a wide range of not-for-profit and public service organizations. Prior to his finance career, John was assistant to the mayor of the city of St. Paul, Minnesota, and a journalist.
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Most helpful customer reviews
8 of 8 people found the following review helpful. Informative and different, somewhat dry, but at least, readable By Eric Sedensky The premise (promise?) of this book is mildly exciting: Get a bunch of qualified, serious-minded, economic thinkers and doers, and have them analyze the recent economic crisis and the current state of economic affairs so that they can then lend us an ethical and moral standard on which to base future economic activity so that everybody ends up better off and economic crises become things of the past. The list of essay writers reads like a veritable who’s who of economic thought, which raises the expectations higher. The editor, himself a leading economic thinker, explains how the book came into being and what it is trying to accomplish, and then, off we go.As with any collection of essays, some are better than others. Most of them have at least one really good idea, many have multiple great ideas. For me, the best essays were those that supplied miniature history lessons with solid analysis before they launched into the explanation of their suggested remedy. Part 3 especially contains a number of highly readable and very informative essays, including ones from John Bogle, founder of Vanguard and Douglas Hodge, CEO of Pimco. (Yale University economist Robert Schiller has an excellent essay just prior to the section that sets it up nicely, too.) The basic common tenet throughout the book is, companies and individuals who are entrusted with other people’s money need to act responsibly, not be greedy, and use a moral and high ethical approach to business. It sounds good, and more than a few of the contributors make it sound achievable. A number of the essays, however, fall back on legislation and legislating bodies (politicians) as the way to go, but given the current pusillanimous state of Congress, those ideas (I thought) fell flat. Formulating laws and regulations to force companies and trustees to act ethically works great, until it doesn't, and, we cannot legislate our way out of troubles that we cannot foresee. To their credit, a number of the writers proposing legislation mention this dilemma, but I never came across a concrete methodology for making this an effective solution.Ultimately, there is absolutely nothing wrong with any of the ideas and proposals and supporting theoretical arguments that are presented by the great thinkers assembled here. I would even go so far as to say that for Mr. Taft to assemble, interpret and edit these essays in this fashion and boldly call it “A Force for Good” is a laudable achievement. Unfortunately, this book is long on ideas and short on real answers. When I finished the book, however, I felt I had learned a lot and I was glad to have had the opportunity to look at the state of the world economy from so many and such wide ranging viewpoints. This book is interesting and informative enough, but not the most exciting read on the economy, which is why I give it three stars.
4 of 4 people found the following review helpful. A fine read By Joseph Oppenheim This book looks at the financial crash of 2008 and offers ways to reduce the odds of one happening again. The author, John G. Taft, has a fine education and experience to qualify him for such a book, and the book offers lots of details, with opinions from many noted people like Sheila Bair, John Bogle, etc.The book says the word, finance is derived from the Latin word, finis, meaning end, and the Latin term meaning goal. So, finance is intended to reach an end, a goal, inferring a longer term objective. Taft sees one of the main reasons for the crash was too much short term thinking, driven largely to increase the stock price, especially since executives are rewarded with stock options. Plus, since the stock price is driven higher when the company exceeds analyst estimates, rather than real results, it is a phony way to value a stock, especially no matter what real or estimated results are, the CEO can just offer positive 'guidance.So, the author says executive pay should not be depended on short term moves in stock prices. Further, the author says a company's mission should be not just for the benefit of stock holders, but put clients/customers first. Historically, investment houses, like Goldman Sachs, were partnerships, with the added incentive to put the client first because assets of the partners were at risk, too. He recommends a "fiduciary capitalism" where banks have an explicit fiduciary role. Also, he advocates a "sustainability capitalism" where a corporation also should include financial negatives and positives for how a company has affected the environment, too.He thinks there also should be super fiduciaries which try to hold companies to such standards, even sustainability concerns.He sees CALPERS, the CA pension system and the Bill and Melinda Gates Foundation as examples.I recommend this book for any CEO or high ranking government official and anyone who is interested in the 2008 crash and ways to improve our form of capitalism.
1 of 1 people found the following review helpful. Good intentions; few surprises By S. McGee This book's publication date, interestingly enough, is the seventh anniversary of the day that JP Morgan Chase agreed to save Bear Stearns from collapse and bankruptcy by picking it up for a fire sale price (at the behest of regulators). As it turned out, that was just the first shoe to drop; six months later, the full fury of the financial crisis was unleashed.If it's disconcerting that we're still debating fundamental questions such as what went wrong, what banks and other financial institutions could or should be doing better or differently, seven years later, it's even more so to realize that so many of the diagnoses and prescriptions by the contributors to this anthology of essays are so fundamental in nature. Many of them boil down to finding ways to ensure that those in finance find a way to view themselves as part of the broader society, owing a responsibility and duty of care to constituencies other than their shareholders and themselves. (In other words, finance is about more than doing as many deals as rapidly as possible, regardless of the level of risk.) That said, financial institutions are proving very adept at the Darwinian struggle for survival. Even as the costs of being a very large bank have soared -- in terms of the regulatory burden and the costs of meeting that burden -- the banks have cut costs and still managed to keep turning out profits, pushing back on calls for them to break themselves apart into smaller institutions.Taft, who comes from the asset management side of Wall Street (aka the kinder/gentler side) has long spoken out from inside the tent about the need for reforms and changes -- for a "duty of care" on the part of financial institutions. The essays assembled here largely reflect his perspective and, to the extent they come from those who have been in the public eye (former FDIC head Sheila Bair, Jack Bogle of Vanguard, or erstwhile SEC head, Mary Schapiro) don't deviate much from what any of those individuals have said previously in other contexts. Charles Ellis provides insights and thoughts along with an update on his perspective of Goldman Sachs (he's the author of a quasi-authorized history of the firm). More interesting input comes from those contributors who bring to the debate some kind of corporate social responsibility perspective; various contributors here argue for "sustainable capitalism" and in favor of "fiduciary capitalism". One of the most provocative contributions comes from Karen Petrou, a consultant, who points out that simply heaping more regulation atop the banks can prove counterproductive. It also, she argues, misses out on the fact that many non-bank entities are increasingly important to the financial system: Google and PayPal, to name only two, might warrant as much scrutiny as any bank in the coming years, given their increased prominence as financial intermediaries.There are two big problems with this anthology. The first is probably inevitable with any book of this kind: so many ideas are thrown into the hopper that it's impossible to pull them together in a coherent fashion. (Maybe President Obama needs to appoint Taft as his finance tsar?) Secondly -- and it's a big one -- is the fact that in all this there is no input from the people most criticized. No bankers speak out; no hedge fund managers; no private equity wheeler dealers. Without their input and thoughts, any solutions are going to end up being imposed and artificial and doomed to failure.So, points for effort to the architects of this book, but I still think that the title should have come with a question mark at the end. It's up to the financial services industry to prove that they can generate value for the rest of us; the suggestions here (or at least some of them) are, at best, only a starting point for a debate that I'm not sure the intended audience -- the bankers themselves -- are willing to join in.
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