John Bogle Slams Managerial Capitalism June 9, 2009

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Complete video at: http://fora.tv/2009/05/13/The_Culture_that_Spawned_the_Crisis_A_Closer_Look

John Bogle, founder and retired CEO of The Vanguard Group, holds the managers of mutual funds liable for the financial crisis. He blames the "sea change" in the nature of capitalism -- from "traditional owner's capitalism" to a "new and virulent manager's capitalism" -- for the crisis.

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The Seventh Annual John M. Templeton, Jr. Lecture on Economic Liberties and the Constitution considers the social, cultural, and moral causes of the current financial crisis in the United States.

In doing so, the Lecture revisits basic lending principles and examines our nation's skyrocketing debt, our lack of savings, and basic understanding of economic principles within the household, as well as corporate America, and the effects of our political and legislative effort to reduce discriminatory credit practices. - National Constitution Center

John Bogle created Vanguard in 1974 and served as Chairman and Chief Executive Officer until 1996 and Senior Chairman until 2000. The Vanguard Group is one of the two largest mutual fund organizations in the world. Vanguard comprises more than 120 mutual funds with current assets totaling more than $1 trillion. Vanguard 500 Index Fund, the largest fund in the group, was founded by Mr. Bogle in 1975. It was the first index mutual fund. In 2004, TIME magazine named Mr. Bogle as one of the world's 100 most powerful and influential people. In 1999, Fortune designated him as one of the investment industry's four "Giants of the 20th Century." Mr. Bogle is a best-selling author beginning with Bogle on Mutual Funds: New Perspectives for the Intelligent Investor (1993); Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor (1999); John Bogle on Investing: The First 50 Years (2000); Character Counts: The Creation and Building of The Vanguard Group (2002); Battle for the Soul of Capitalism (2005); and The Little Book of Common Sense Investing (2007). His seventh book Enough: The True Measures of Money, Business, and Life published by John Wiley and Sons was released in November 2008. Mr. Bogle graduated from Princeton University, magna cum laude in Economics.