JACK BOGLE: The Financial Industry Has Too Much Power Over Corporate America

Vanguard’s John Bogle criticized the financial industry and said it has too much power over corporate America, when speaking at the Morningstar Investor Conference in Chicago. Advisor One quoted Bogle saying, “the mutual fund industry owns 35% of the stock in America. …But it’s actually much more than that because the big firms run institutional money as well. So it’s probably 50% of stock. So we control corporate America.” He added that “executive compensation is a disgrace,” and said the  legal system wasn’t aggressive enough in pursuing securities fraud...more


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