The Credit Crisis
Vanguard Founder: "A Crisis of Ethic Proportions"
April 21, 2009
Vanguard founder John C. Bogle points the blame for the credit crisis at more than just easy credit, cavalier risk attitudes and complex derivatives. A breakdown in traditional ethical standards and managerial self-interest over company-interest are also to blame, says Bogle.
John C. Bogle, the founder and former chief executive of The Vanguard Group, one of the world's largest investment management firms with approximately $1.3 trillion in assets, has weighed in with his views of the current financial crisis in a profound op-ed published in today's Wall Street Journal.