Taft / Ellis Stewardship

Lessons Learned from the Lost Culture of Wall Street
1. Auflage 2012
ISBN: 978-1-118-22761-9
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: 0 - No protection

E-Book, Englisch, 240 Seiten, E-Book

A compelling argument for why stewardship of wealth and serviceto others should be our highest financial priority
Stewardship is the journey of financial insider John Tafttowards understanding and affirming the importance ofstewardship--which he has come to define as "servingothers"--as a core principle for the financial servicesindustry, the global financial system, and society at large.
By defining the attributes of authentic stewardship, this bookpresents a path forward by analyzing the success of Canadian banksin weathering the financial crisis; evaluates the effectiveness ofglobal financial reform efforts in making the financial systemsafer, sounder, and more secure; offers wealth managementprescriptions for individual investors; evaluates the potential ofESG (environmental, social, and governance) investment processes asa way to instill stewardship behaviors among corporate CEOs(particularly at financial services firms); and, ultimately, callsfor a return to stewardship's core principles as the key to notonly minimizing the scope and consequences of future failures, butalso to addressing other societal challenges.
* Argues for a return towards stewardship, with financialservices companies doing right by their customers
* Analyzes the response of Canadian banks to the financial crisisto provide meaningful advice for investors and businessesalike
* Inspired by Taft's experience running one of the largest wealthmanagement firms in the country during the financial crisis and hisdirect participation in subsequent legislative and regulatoryefforts to rewrite the rules under which the U.S. securitiesindustry operates
From the man who made the decision to reimburse clients affectedby the collapse of a money market mutual fund comes a compellinglook at why financial service companies should start doing what'sright for their customers.

Autoren/Hrsg.

Taft, John G.

Ellis, Charles D.

Weitere Mitwirkende

Bogle, John C.

Inhaltsverzeichnis

Foreword xi
Introduction xvii
Chapter 1 Core Principles: The Ground Beneath Our Feet 1
Interlude--Learning from Failure: Acquainted with Grief7
Chapter 2 Finance Run Amok: Selfishness Trumps Stewardship 9
Interlude--Occupying Wall Street: Too Rich and Too Poor19
Chapter 3 Stewardship Defined: Feeding Your Flock First 23
Interlude--Greed, Glorious Greed 32
Chapter 4 World's Safest Banking System: Canada, the NewSwitzerland 35
Interlude--Americans Are from Mars, Canadians Are fromVenus 47
Chapter 5 Making the System Stronger: In Defense of Dodd-Frankand Basel III 51
Interlude--Too Small to Save? 74
Chapter 6 Making the Investor Safer: In Defense of New FiduciaryRules 77
Interlude--An Obligation of Honor 84
Chapter 7 To Investors Standing on the Wings: Prepare for theNext Crisis 87
Interlude--Predatory Volatility 109
Chapter 8 Environmental, Social, and Governance Investing: CouldIt Be the Answer? 113
Interlude--It's a Long Life: The Trouble withShort-Termism 129
Chapter 9 Communities, Caring, and Commitment: Reconnecting withOur Stewardship Responsibilities 131
Afterword 145
Appendix A Balanced Financial Regulation 147
Appendix B Basel III Regulatory Accord 151
Appendix C Creating a Clear Path Forward 161
Notes 165
Glossary of Selected Financial and Regulatory Reform Terminology179
Author's Guide to Supplemental Readings 191
Additional Sources 197
Acknowledgments 203
About the Author 205
Index 207

Über Autor(innen)

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