empire of the fund the way we save now

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Empire Of The Fund

Author : William A. Birdthistle
ISBN : 9780199398560
Genre :
File Size : 50. 54 MB
Format : PDF, Kindle
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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 : 9780199398577
Genre : Business & Economics
File Size : 64. 18 MB
Format : PDF, ePub
Download : 733
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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 : 28. 14 MB
Format : PDF
Download : 917
Read : 177

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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 Air

Author : Jenifer Van Vleck
ISBN : 9780674726246
Genre : History
File Size : 60. 11 MB
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Jenifer Van Vleck's fascinating history reveals the central role commercial aviation played in the United States' ascent to global preeminence in the twentieth century. As U.S. military and economic influence grew, the federal government partnered with the aviation industry to deliver American power across the globe and to sell the idea of the "American Century" to the public at home and abroad. The airplane promised to extend the frontiers of the United States "to infinity," as Pan American World Airways president Juan Trippe said. As it accelerated the global circulation of U.S. capital, consumer goods, technologies, weapons, popular culture, and expertise, few places remained distant from Wall Street and Washington. Aviation promised to secure a new type of empire--an empire of the air instead of the land, which emphasized access to markets rather than the conquest of territory and made the entire world America's sphere of influence. By the late 1960s, however, foreign airlines and governments were challenging America's control of global airways, and the domestic aviation industry hit turbulent times. Just as the history of commercial aviation helps to explain the ascendance of American power, its subsequent challenges reflect the limits and contradictions of the American Century.

Empire Of The Beetle

Author : Andrew Nikiforuk
ISBN : 9781553658948
Genre : Nature
File Size : 61. 3 MB
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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.

Are We Rome

Author : Cullen Murphy
ISBN : 0618742220
Genre : History
File Size : 34. 30 MB
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Offers a compelling study that compares modern-day America to the rise and fall of ancient Rome, offering a series of warnings, nuanced lessons, and thought-provoking strategies designed to avoid the Roman Empire's fate.

Middle Kingdom And Empire Of The Rising Sun

Author : June Teufel Dreyer
ISBN : 9780199704903
Genre : History
File Size : 49. 40 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.

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