Stewardship: Lessons Learned from the Lost Culture of Wall Street

Overview

John Taft comes from a distinguished political family well knownfor its commitment to integrity. In Stewardship: Lessons Learnedfrom the Lost Culture of Wall Street, John Taft builds on thatlegacy and presents an intelligent, thoughtful argument for theimportance of establishing service to others as the key to savingourselves from the ongoing financial crisis, and creating a morestable and more compassionate financial system.

When the financial crisis hit in 2008, Taft was on ...

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Stewardship: Lessons Learned from the Lost Culture of Wall Street

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Overview

John Taft comes from a distinguished political family well knownfor its commitment to integrity. In Stewardship: Lessons Learnedfrom the Lost Culture of Wall Street, John Taft builds on thatlegacy and presents an intelligent, thoughtful argument for theimportance of establishing service to others as the key to savingourselves from the ongoing financial crisis, and creating a morestable and more compassionate financial system.

When the financial crisis hit in 2008, Taft was on the frontlines with investors and employees, and experienced their extremeturmoil. Driven by a conviction that purposefulness,accountability, humility, integrity, and foresight are our duty,and that making the world a better place is our calling, heoutlines in this book his belief in stewardship's core principles.These principles are the answer not only for minimizing the scaleand impact of future financial crises, but also for addressing themajor societal challenges facing us today.

Wide-ranging in its coverage, the book looks at the ways inwhich a lack of stewardship contributed to the financial crisis,how to strengthen banking regulation, and much more. Including anin-depth analysis of the ways in which Canadian banks responded tothe crisis with integrity and established themselves as models offiscal responsibility, it looks to the future with optimism. Toillustrate his arguments, Taft employs engaging end-of-chaptervignettes that show his ideas in action. Extensive appendices on EUfinancial reform, the Basel III Accord, and thoughts on creating amore compassionate future augment the text to create a fascinatingguide to a better future.

Born out of Taft's participation in legislative and regulatoryefforts to rewrite the rules under which the U.S. securitiesindustry will operate for decades to come, the book offers a uniqueresponse to the challenges of the financial crisis. It looks at theway in which a lack of integrity contributed to the GreatRecession. It also shows how a renewed commitment to helping othershas implications for the future of the financial services industry,the prevention of future crises, the protection of the environment,and much more. Stewardship is a compelling read with far-reachingimplications.

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  • May11_3/Stewardship_9781118190197__BB_6081983669daed1f57e8fe78636d42ae9b7646b9
    May11_3/Stewardship_9781118190197__BB_6081983669daed1f57e8fe78636d42ae9b7646b9  

Product Details

  • ISBN-13: 9781118190197
  • Publisher: Wiley
  • Publication date: 3/6/2012
  • Edition number: 1
  • Pages: 240
  • Sales rank: 979,414
  • Product dimensions: 6.00 (w) x 9.10 (h) x 1.00 (d)

Meet the Author

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

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Table of Contents

Foreword xi

Introduction xvii

Chapter 1 Core Principles: The Ground Beneath Our Feet 1

Interlude—Learning from Failure: Acquainted with Grief7

Chapter 2 Finance Run Amok: Selfishness Trumps Stewardship 9

Interlude—Occupying Wall Street: Too Rich and Too Poor19

Chapter 3 Stewardship Defined: Feeding Your Flock First 23

Interlude—Greed, Glorious Greed 32

Chapter 4 World’s Safest Banking System: Canada, the NewSwitzerland 35

Interlude—Americans Are from Mars, Canadians Are fromVenus 47

Chapter 5 Making the System Stronger: In Defense of Dodd-Frankand Basel III 51

Interlude—Too Small to Save? 74

Chapter 6 Making the Investor Safer: In Defense of New FiduciaryRules 77

Interlude—An Obligation of Honor 84

Chapter 7 To Investors Standing on the Wings: Prepare for theNext Crisis 87

Interlude—Predatory Volatility 109

Chapter 8 Environmental, Social, and Governance Investing: CouldIt Be the Answer? 113

Interlude—It’s a Long Life: The Trouble withShort-Termism 129

Chapter 9 Communities, Caring, and Commitment: Reconnecting withOur 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 Terminology179

Author’s Guide to Supplemental Readings 191

Additional Sources 197

Acknowledgments 203

About the Author 205

Index 207

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  • Posted April 8, 2012

    Top of the Line! Most Highly Recommended

    What a great set of insights John Taft has conveyed in his own most highly accomplished view of what it means to act in all ways at all times in a responsible manner. John has carried on in his own life and in this book the tradition of the family of William Howard Taft, of Robert Taft and of his own father. John's concerns over what needs to be done to bring back confidence in investing are well placed. His purpose in writing the book of showing what occurred and of illustrating the ways in which the Canadians behaved in sharp contrast serve us all well. Not only do we all want to read the book but we all would do well to follow John's example in our own thinking and actions.

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