empire of the fund the way we save now

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Empire Of The Fund

Author : William A. Birdthistle
ISBN : 9780199398577
Genre : Business & Economics
File Size : 36. 91 MB
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Empire of the Fund is an expos? and examination of the way we save now. With the rise of the 401(k) and demise of the pension, the United States has embarked upon the richest and riskiest experiment in our financial history. Over the next twenty years, nearly eighty million baby boomers will retire at a pace of ten thousand per day. The hypothesis of our experiment is that millions of ordinary, untrained, busy citizens can successfully manage trillions of dollars in a financial system dominated by wealthy, skilled, and powerful financial institutions, many of which have a record of treating individual investors shabbily. The key tools in our 401(k) plans and individual retirement accounts are mutual funds, which have ballooned to hold more than $16 trillion. But these funds pose dangers to our savings in three ways: through structural vulnerabilities that give money managers the incentive to focus on marketing over investing; through the very human challenges of managing our savings decades into the future; and through the peril of financial professionals behaving badly, to our economic harm. Though Americans often hear of the importance of low fees in fund investing, few are aware of the astonishing panoply of ways that some financial advisers have illegally diverted money out of mutual funds: from abetting hedge funds to trade after the legal deadline, to inflating the assets on which they are paid a percentage, to paying kickbacks for brokers to sell their funds. This book will forewarn and forearm Americans by illustrating the structural flaws, perverse incentives, and litany of scandals that have bedeviled mutual funds. And by setting forth a pair of policy solutions to improve Americans' financial literacy and bargaining power, it will also attempt to safeguard our individual financial destinies and our nation's fiscal strength.

Empire Of The Fund

Author : William A. Birdthistle
ISBN : 9780199398560
Genre :
File Size : 87. 19 MB
Format : PDF, ePub, Mobi
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Empire of the Fund is an exposé and examination of the way we save now. With the rise of the 401(k) and demise of the pension, the United States has embarked upon the richest and riskiest experiment in our financial history. Over the next twenty years, nearly eighty million baby boomers will retire at a pace of ten thousand per day. The hypothesis of our experiment is that millions of ordinary, untrained, busy citizens can successfully manage trillions of dollars in a financial system dominated by wealthy, skilled, and powerful financial institutions, many of which have a record of treating individual investors shabbily. The key tools in our 401(k) plans and individual retirement accounts are mutual funds, which have ballooned to hold more than $16 trillion. But these funds pose dangers to our savings in three ways: through structural vulnerabilities that give money managers the incentive to focus on marketing over investing; through the very human challenges of managing our savings decades into the future; and through the peril of financial professionals behaving badly, to our economic harm. Though Americans often hear of the importance of low fees in fund investing, few are aware of the astonishing panoply of ways that some financial advisers have illegally diverted money out of mutual funds: from abetting hedge funds to trade after the legal deadline, to inflating the assets on which they are paid a percentage, to paying kickbacks for brokers to sell their funds. This book will forewarn and forearm Americans by illustrating the structural flaws, perverse incentives, and litany of scandals that have bedeviled mutual funds. And by setting forth a pair of policy solutions to improve Americans' financial literacy and bargaining power, it will also attempt to safeguard our individual financial destinies and our nation's fiscal strength.

Empire Of The Fund

Author : William A. Birdthistle
ISBN : 9780199398584
Genre : Business & Economics
File Size : 48. 54 MB
Format : PDF
Download : 231
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Empire of the Fund is an expos? and examination of the way we save now. With the rise of the 401(k) and demise of the pension, the United States has embarked upon the richest and riskiest experiment in our financial history. Over the next twenty years, nearly eighty million baby boomers will retire at a pace of ten thousand per day. The hypothesis of our experiment is that millions of ordinary, untrained, busy citizens can successfully manage trillions of dollars in a financial system dominated by wealthy, skilled, and powerful financial institutions, many of which have a record of treating individual investors shabbily. The key tools in our 401(k) plans and individual retirement accounts are mutual funds, which have ballooned to hold more than $16 trillion. But these funds pose dangers to our savings in three ways: through structural vulnerabilities that give money managers the incentive to focus on marketing over investing; through the very human challenges of managing our savings decades into the future; and through the peril of financial professionals behaving badly, to our economic harm. Though Americans often hear of the importance of low fees in fund investing, few are aware of the astonishing panoply of ways that some financial advisers have illegally diverted money out of mutual funds: from abetting hedge funds to trade after the legal deadline, to inflating the assets on which they are paid a percentage, to paying kickbacks for brokers to sell their funds. This book will forewarn and forearm Americans by illustrating the structural flaws, perverse incentives, and litany of scandals that have bedeviled mutual funds. And by setting forth a pair of policy solutions to improve Americans' financial literacy and bargaining power, it will also attempt to safeguard our individual financial destinies and our nation's fiscal strength.

Middle Kingdom And Empire Of The Rising Sun

Author : June Teufel Dreyer
ISBN : 9780190603595
Genre : History
File Size : 76. 68 MB
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Japan and China have been rivals for more than a millennium. In more recent times, China was the more powerful until the late nineteenth century, while Japan took the upper hand in the twentieth. Now, China's resurgence has emboldened it even as Japan perceives itself falling behind, exacerbating long-standing historical frictions. June Teufel Dreyer's Middle Kingdom and Empire of the Rising Sun provides a highly accessible overview of one of the world's great civilizational rivalries. Dreyer, a senior scholar of East Asia, begins in the seventh century in order to provide a historical background for the main story: by the mid-nineteenth century, the shrinking distances afforded by advances in technology and the intrusion of Western powers brought the two into closer proximity in ways that alternately united and divided them. In the aftermath of multiple wars between them, including a long and brutal conflict in World War II, Japan developed into an economic power but rejected any concomitant military capabilities. China's journey toward modernization was hindered by ideological and leadership struggles that lasted until the death of revolutionary leader Mao Zedong in 1976. Bringing the narrative up to the present day, Dreyer focuses on the issues that dominate China and Japan's fraught current relationship: economic rivalry, memories of World War II, resurgent nationalism, military tensions, Taiwan, the Diaoyu/Senkaku Islands, and globalization. Dreyer argues that recent disputes should be seen as manifestations of embedded rivalries rather than as issues whose resolution would provide a lasting solution to deep-standing disputes. For anyone interested in the political dynamics of East Asia, this integrative history of the relationship between the region's two giants is essential reading.

The Rise Of Mutual Funds

Author : Matthew P. Fink
ISBN : 9780199798896
Genre : Business & Economics
File Size : 20. 84 MB
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In 1940 few Americans had heard of mutual funds. Today U.S. mutual funds are the largest financial industry in the world, with over 88 million shareholders and over $11 trillion in assets. New and updated to reflect the crash of 2008, Matthew Fink's latest book, The Rise of Mutual Funds: An Insider's View, Second Edition describes the developments that have produced mutual funds' long history of success. Among these developments are: * formation of the first mutual funds in the roaring 20s * how the 1929 stock market crash, a disaster for most financial institutions, spurred the growth of mutual funds * establishment in 1934, over FDR's objection, of the United States Securities and Exchange Commission, the federal agency that regulates mutual funds * enactment of the Revenue Act of 1936, the tax law that saved mutual funds from extinction * passage of the Investment Company Act of 1940, the "constitution" of the mutual fund industry * the creation in 1972 of money market funds, which totally changed the mutual fund industry and the entire U.S. financial system *enactment of the Employee Retirement Income Security Act of 1974, which created Individual Retirement Accounts * the accidental development of 401(k) plans, which have revolutionized the way Americans save for retirement * the 2003 trading abuses, the greatest scandal ever in the history of the mutual fund industry Many events have never been discussed in detail; others have been discussed in works on other subjects. This is the first book that pulls together the many strands of mutual funds' unique history, written by an expert who draws on forty years of personal experience in the fund industry.

Empire Of The Beetle

Author : Andrew Nikiforuk
ISBN : 9781553658948
Genre : Nature
File Size : 87. 87 MB
Format : PDF, Kindle
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Beginning in the late 1980s, a series of improbable bark beetle outbreaks unsettled iconic forests and communities across western North America. An insect the size of a rice kernel eventually killed more than 30 billion pine and spruce trees from Alaska to New Mexico. Often appearing in masses larger than schools of killer whales, the beetles engineered one of the world's greatest forest die-offs since the deforestation of Europe by peasants between the eleventh and thirteenth centuries. The beetle didn't act alone. Misguided science, out-of-control logging, bad public policy, and a hundred years of fire suppression created a volatile geography that released the world's oldest forest manager from all natural constraints. Like most human empires, the beetles exploded wildly and then crashed, leaving in their wake grieving landowners, humbled scientists, hungry animals, and altered watersheds. Although climate change triggered this complex event, human arrogance assuredly set the table. With little warning, an ancient insect pointedly exposed the frailty of seemingly stable manmade landscapes. Drawing on first-hand accounts from entomologists, botanists, foresters, and rural residents, award-winning journalist Andrew Nikiforuk, investigates this unprecedented beetle plague, its startling implications, and the lessons it holds.

Empire On The Hudson

Author : Jameson W. Doig
ISBN : 0231076762
Genre : History
File Size : 63. 71 MB
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Why do smokers claim that the first cigarette of the day is the best? What is the biological basis behind some heavy drinkers' belief that the "hair-of-the-dog" method alleviates the effects of a hangover? Why does marijuana seem to affect ones problem-solving capacity? Intoxicating Minds is, in the author's words, "a grand excavation of drug myth." Neither extolling nor condemning drug use, it is a story of scientific and artistic achievement, war and greed, empires and religions, and lessons for the future. Ciaran Regan looks at each class of drugs, describing the historical evolution of their use, explaining how they work within the brain's neurophysiology, and outlining the basic pharmacology of those substances. From a consideration of the effect of stimulants, such as caffeine and nicotine, and the reasons and consequences of their sudden popularity in the seventeenth century, the book moves to a discussion of more modern stimulants, such as cocaine and ecstasy. In addition, Regan explains how we process memory, the nature of thought disorders, and therapies for treating depression and schizophrenia. Regan then considers psychedelic drugs and their perceived mystical properties and traces the history of placebos to ancient civilizations. Finally, Intoxicating Minds considers the physical consequences of our co-evolution with drugs--how they have altered our very being--and offers a glimpse of the brave new world of drug therapies.

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