John Bogle is a lifelong Republican and as big as they come in American investing circles. Thirty years ago, Bogle founded the Vanguard Group, which is today the second-largest mutual fund firm in America. He led that firm until 1999. The investment world must wish he had gone into a quiet retirement but he hasn't.
Super-capitalist John Bogle is raising a sky-high alarm that American capitalism is in trouble. The system, he charges, has been hijacked by overpaid money managers and corporate executives who are massively lining their own pockets leaving the rest of the country to eat dust. He's worried about the future of the country itself.
Hear a conversation with rebel capitalist John Bogle on highway robbery in the U.S. economy.
John Bogle. He pioneered index funds, which revolutionized investing by giving people low-cost options to enter the market. He has been a consistent critic of the mutual fund industry. His new book is "The Battle for the Soul of Capitalism: How The Financial System Undermined Social Ideals, Damaged Trust in the Markets, Robbed Investors of Trillions — And What To Do About It."
This program aired on October 17, 2005.