A Force for Good How Enlightened Finance can Restore Faith in Capitalism

by Taft, John G.; Taft, John G.

• ISBN13: 9781137279729
• ISBN10: 1137279729
• Format: Hardcover
• Copyright: 2015-03-17
• Publisher: St. Martin's Press

Summary

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.

Author Biography

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.

Table of Contents

Introductionby John Taft, CEO of RBC Wealth Management-U.S.
Dedication

Disclosure
Chapter 1Reframing Society’s Contract with Finance
Corporate Responsibility in America: Two Centuries of Evolution
by Ron James, President & CEO of the Center for Ethical Business Cultures
A Better Social Contract for Financial Intermediaries
by Stephen Young, Author of Moral Capitalism
Finance and the Good Society
by Robert Shiller, Economist, Yale University
Chapter 2Completing Financial Regulatory Reform
The Progress, Pitfalls and Persistent Challenges of Recent Financial Regulatory Reform by Sheila Bair, Former FDIC Chairperson & Richard Delfin, Executive Director to the Chairman of the Systemic Risk Council
Big Banks Aren’t the Only Problem
by Karen Shaw Petrou, Managing Partner, Federal Financial Analytics
Chapter 3Restoring Trust, Integrity and Client Focus to the Financial System
Restoring Trust
by Doug Hodge, Chief Operating Officer and Managing Director, PIMCO
What It Takes: Excellence Challenged
by Charles D. Ellis, Author of Winning the Loser’s Game
The Fiduciary Principle: No Man Can Serve Two Masters
by John C. Bogle, Founder, The Vanguard Group
Trust Depends on Authentic Leadership, Stewardship and Governance: Why We Must Go Beyond Compliance
by Donald Trone, Chief Ethos Officer of 3ethos
Chapter 4Restoring Confidence in Equity Markets
Equity Market Development and Corporate Governance
by Mary Schapiro, Former SEC Chairperson
Get Real: How to Recover Authenticity in our Financial System
by Roger Martin, Dean, Rotman School of Management, University of Toronto
Chapter 5Achieving Fiscal and Monetary Policy Equilibrium
The Issue is Debt
by Judd Gregg, Former Senator & Former CEO of SIFMA
Real-time Experiments in Monetary Policy
by Brian Walsh, Chairman and CIO at Saguenay Strathmore Capital
Chapter 6Unfinished Business—Retirement Saving and Housing Finance
Addressing America’s Retirement Needs: Longevity Challenge Requires Action
by Barbara Novick, Vice Chairman, BlackRock
To Guarantee or Not to Guarantee, That is the Question
by Jeremy “Jay” Diamond, Former Managing Director at Annaly Capital Management
Chapter 7The Transformational Impact of Long-Term Investors
The Dawn of Fiduciary Capitalism
by John Rogers, President and CEO, CFA Institute
Focusing Capital on the Long Term
by Dominic Barton, Global Managing Director of McKinsey, and Mark Wiseman, President & CEO of CPP Investment Board
Chapter 8Retooling the Financial System for Sustainability
Sustainable Capitalism
by David Blood, Co-Founder, Generation Investment Management LLP
Real Investment in the Anthropocene
by John Fullerton, Founder and President, Capital Institute
Chapter 9The Finance Agreements
The Finance Agreements: A Working Philosophy for the Future
by Vikram Mansharamani, Global Equity Investor & Author of Boombustology
Notes—[ALL ENDNOTES CURRENTLY APPEAR WITHIN CONTRIBUTOR SECTIONS]
Glossary [TBD]
Acknowledgments [TK]
Contributor Bios
About the Editor