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 : 49. 22 MB
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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 : 84. 92 MB
Format : PDF, ePub, Mobi
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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 : 9780199398584
Genre : Business & Economics
File Size : 22. 62 MB
Format : PDF, Mobi
Download : 284
Read : 386

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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 Air

Author : Jenifer Van Vleck
ISBN : 9780674726246
Genre : History
File Size : 89. 52 MB
Format : PDF
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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.

The Rise Of Mutual Funds

Author : Matthew P. Fink
ISBN : 9780199798896
Genre : Business & Economics
File Size : 79. 38 MB
Format : PDF
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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 : 71. 47 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 : 64. 90 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.

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