John Bogle Interview: The founder and former CEO of The Vanguard Group shares his views on executive compensation, Wall Street and the financial system as a whole. His thoughts on the importance of ethical, moral and spiritual values are in his new book, Enough: The True Measure of Money, Business and Life.
NPR, Weekend Edition Saturday, November 1, 2008
Excerpt: John Bogle, “There was a sign in Einstein’s office that says, “There are some things that count that can’t be counted and some things that can be counted that don’t count.” That really sums it up. We’ve got this counting society and we rely on numbers to give us facts that are really not facts. If someone’s corporation says their earnings were $1.32 per share, the amount of financial engineering that’s gone into that number is usually rather breathtaking, It’s an engineered number and the idea that you think you know something when you’ve seen that number is just greatly overdone. We think we can count everything that’s important and we can’t do that. You can’t measure character. You can’t measure integrity. You can’t measure moral conduct. You can’t measure love. You can’t measure the things that are really important in our lives and our society.” (see partial transcript)