300 Per Cent Return on Campaign Slush
Nice comment on Bill Moyer's NOW last night by John Bogle, "described by Fortune Magazine as one of the investment industrys four giants of the 20th century.": It's no surpise smart businesses invest in DC political contributions. You can get 300% return, compared to only 15-20% of the top corporate stocks. Mr. Bogle believes this is a scandal, and while he does not believe in governmental intervention against corporate corruption he does favor higher ethical standards. He thinks the giant mutal funds and governmental pension funds -- some 75 of them control 45% of all stocks -- should forego pursuit of maximum return on their investments and demand that corporations stop corrupt practices. He said it is amazing that the mutual funds are so quiet about their losses, except for the fact that they have been the greatest beneficiaries of corruption, rather 300% ROI.
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John Young