Vanguard founder and former CEO on the 99.9% versus the 0.1%

Vanguard founder and former CEO  John Bogle says:

“We have one hell of a problem in this country, and it is not badly articulated by talking about the 99 percent and the 1 percent, although if you wanted to split hairs, we’d be talking about the 99.9 percent and the 0.1 percent.”

“Only one-half of 1 percent of what Wall Street does is capital formation [its classic function]. Most of the rest is short-term speculation.”

“The way we now compensate many corporate CEOs is also one of the great absurdities of the age.”

“It is outrageous that hedge-fund managers can take that income as a capital gain on the profits of the company. For everybody else, it would be considered salary income.”


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