Empire of the Fund: The Way We Save Now by William A. BirdthistleEmpire of the Fund: The Way We Save Now by William A. Birdthistle

Empire of the Fund: The Way We Save Now

byWilliam A. Birdthistle

Hardcover | July 13, 2016

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Empire of the Fund is an expose 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 willretire 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 oftreating 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 overinvesting; 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 whichthey 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.

About The Author

William Birdthistle is a Professor of Law at Chicago-Kent College of Law, where he specializes in investment funds and corporate law. Previously, he served as a law clerk to the Honorable Diarmuid F. O'Scannlain of the U.S. Court of Appeals for the Ninth Circuit and practiced law at Ropes and Gray LLP. Birdthistle was born in Cork, Ire...
Empire of the Fund: The Way We Save Now
Empire of the Fund: The Way We Save Now

by William A. Birdthistle

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Details & Specs

Title:Empire of the Fund: The Way We Save NowFormat:HardcoverDimensions:272 pages, 9.25 × 6.12 × 0.98 inPublished:July 13, 2016Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199398569

ISBN - 13:9780199398560

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