Stewardship Lessons Learned from the Lost Culture of Wall Street

by Taft, John G.; Bogle, John C.; Ellis, Charles D.

• ISBN13: 9781118190197
• ISBN10: 111819019X
• Edition: 1st
• Format: Hardcover
• Copyright: 2012-03-06
• Publisher: Wiley

Summary

A compelling argument for why stewardship of wealth and service to others should be our highest financial priority Stewardship is the journey of financial insider John Taft towards understanding and affirming the importance of stewardship-which he has come to define as "serving others"-as a core principle for the financial services industry, the global financial system, and society at large. By defining the attributes of authentic stewardship, this book presents a path forward by analyzing the success of Canadian banks in weathering the financial crisis; evaluates the effectiveness of global financial reform efforts in making the financial system safer, sounder, and more secure; offers wealth management prescriptions for individual investors; evaluates the potential of ESG (environmental, social, and governance) investment processes as a way to instill stewardship behaviors among corporate CEOs (particularly at financial services firms); and, ultimately, calls for a return to stewardships core principles as the key to not only minimizing the scope and consequences of future failures, but also to addressing other societal challenges. Argues for a return towards stewardship, with financial services companies doing right by their customers Analyzes the response of Canadian banks to the financial crisis to provide meaningful advice for investors and businesses alike Inspired by Tafts experience running one of the largest wealth management firms in the country during the financial crisis and his direct participation in subsequent legislative and regulatory efforts to rewrite the rules under which the U.S. securities industry operates From the man who made the unprecedented decision to reimburse clients affected by the collapse of a money market mutual fund comes a compelling look at why financial service companies should start doing whats right for their customers.

Author Biography

John G. Taft is CEO of RBC Wealth Management–U.S. He is a leading figure in the U.S. securities industry and served as Chairman of the Securities Industry and Financial Markets Association (SIFMA) in 2011. He is a direct descendant of U.S. President William Howard Taft and Senator Robert A. Taft.

Table of Contents

Foreword	p. xi
Introduction	p. xvii
Core Principles: The Ground Beneath Our Feet	p. 1
Interlude-Learning from Failure: Acquainted with Grief	p. 1
Finance Run Amok: Selfishness Trumps Stewardship	p. 9
Interlude-Occupying Wall Street: Too Rich and Too Poor	p. 19
Stewardship Defined: Feeding Your Flock First	p. 23
Interlude-Greed, Glorious Greed	p. 32
World's Safest Banking System: Canada, the New Switzerland	p. 35
Interlude-Americans Are from Mars, Canadians Are from Venus	p. 47
Making the System Stronger: In Defense of Dodd-Frank and Basel III	p. 51
Interlude-Too Small to Save?	p. 74
Making the Investor Safer: In Defense of New Fiduciary Rules	p. 77
Interlude-An Obligation of Honor	p. 84
To Investors Standing on the Wings: Prepare for the Next Crisis	p. 87
Interlude-Predatory Volatility	p. 109
Environmental, Social, and Governance Investing: Could It Be the Answer?	p. 113
Interlude-It's a Long Life: The Trouble with Short-Termism	p. 129
Communities, Caring, and Commitment: Reconnecting with Our Stewardship Responsibilities	p. 131
Afterword	p. 145
Balanced Financial Regulation	p. 147
Basel III Regulatory Accord	p. 151
Creating a Clear Path Forward	p. 161
Notes	p. 165
Glossary of Selected Financial and Regulatory Reform Terminology	p. 179
Author's Guide to Supplemental Readings	p. 191
Additional Sources	p. 197
Acknowledgments	p. 203
About the Author	p. 205
Index	p. 207
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