John G. Taft, Charles D. Ellis

Stewardship (eBook, ePUB)

Lessons Learned from the Lost Culture of Wall Street

• Format: ePub

Produktbeschreibung

A compelling argument for why stewardship of wealth and service to others should be our highest financial priority Stewardship is the journey of financial insider John Taft towards understanding and affirming the importance of stewardship--which he has come to define as "serving others"--as a core principle for the financial services industry, the global financial system, and society at large. By defining the attributes of authentic stewardship, this book presents a path forward by analyzing the success of Canadian banks in weathering the financial crisis; evaluates the effectiveness of global financial reform efforts in making the financial system safer, sounder, and more secure; offers wealth management prescriptions for individual investors; evaluates the potential of ESG (environmental, social, and governance) investment processes as a way to instill stewardship behaviors among corporate CEOs (particularly at financial services firms); and, ultimately, calls for a return to stewardship's core principles as the key to not only minimizing the scope and consequences of future failures, but also to addressing other societal challenges. * Argues for a return towards stewardship, with financial services companies doing right by their customers * Analyzes the response of Canadian banks to the financial crisis to provide meaningful advice for investors and businesses alike * Inspired by Taft's experience running one of the largest wealth management firms in the country during the financial crisis and his direct participation in subsequent legislative and regulatory efforts to rewrite the rules under which the U.S. securities industry operates From the man who made the decision to reimburse clients affected by the collapse of a money market mutual fund comes a compelling look at why financial service companies should start doing what's right for their customers.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 240
• Erscheinungstermin: 7. Februar 2012
• Englisch
• ISBN-13: 9781118237267
• Artikelnr.: 37341529

Autorenporträt

John G. Taft is CEO of RBC Wealth Management???U.S. He is a leading figure in the U.S. securities industry and served as Chairman of the Securities Industry and Financial Markets Association (SIFMA) in 2011. He is a direct descendant of U.S. President William Howard Taft and Senator Robert A. Taft.

Inhaltsangabe

Foreword xi Introduction xvii Chapter 1 Core Principles: The Ground Beneath
Our Feet 1 Interlude--Learning from Failure: Acquainted with Grief 7
Chapter 2 Finance Run Amok: Selfishness Trumps Stewardship 9
Interlude--Occupying Wall Street: Too Rich and Too Poor 19 Chapter 3
Stewardship Defined: Feeding Your Flock First 23 Interlude--Greed, Glorious
Greed 32 Chapter 4 World's Safest Banking System: Canada, the New
Switzerland 35 Interlude--Americans Are from Mars, Canadians Are from Venus
47 Chapter 5 Making the System Stronger: In Defense of Dodd-Frank and Basel
III 51 Interlude--Too Small to Save? 74 Chapter 6 Making the Investor
Safer: In Defense of New Fiduciary Rules 77 Interlude--An Obligation of
Honor 84 Chapter 7 To Investors Standing on the Wings: Prepare for the Next
Crisis 87 Interlude--Predatory Volatility 109 Chapter 8 Environmental,
Social, and Governance Investing: Could It Be the Answer? 113
Interlude--It's a Long Life: The Trouble with Short-Termism 129 Chapter 9
Communities, Caring, and Commitment: Reconnecting with Our Stewardship
Responsibilities 131 Afterword 145 Appendix A Balanced Financial Regulation
147 Appendix B Basel III Regulatory Accord 151 Appendix C Creating a Clear
Path Forward 161 Notes 165 Glossary of Selected Financial and Regulatory
Reform Terminology 179 Author's Guide to Supplemental Readings 191
Additional Sources 197 Acknowledgments 203 About the Author 205 Index 207