MoneyNews
John Bogle, the founder of mutual fund company Vanguard Group Inc. who popularized index investing, and Paul Volcker, the former Federal Reserve chairman, said confidence in the U.S. financial system is broken as regulators struggle to rein in speculation.
Bogle, who has spent 60 years advocating a low-cost approach to personal investing and railing against conflicts of interest in his industry, said he would grade the U.S. financial system a ‘D.’
Volcker, 84, who has urged Congress to ban proprietary trading by commercial banks, said banks are lobbying to undermine financial regulation aimed at making the industry more stable.
“There’s no question that confidence in government is shaky,” Volcker said in New York Tuesday at The John C. Bogle Legacy Forum hosted by Bloomberg Link. Washington is “filled up with law firms that cover whole city blocks. Lobbying firms. And it’s all living off the influence of the government.”
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