Stewardship: Lessons Learned from the Lost Culture of Wall Street

Stewardship: Lessons Learned from the Lost Culture of Wall Street
By Authors John G. Taft, Charles D. Ellis, and John C. Bogle

Book Description
Publication Date: March 6, 2012

A compelling argument for why stewardship of wealth and service to others should be our highest financial priority

Stewardship is the journey of financial insider John Taft towards understanding and affirming the importance of stewardship—which he has come to define as "serving others"—as a core principle for the financial services industry, the global financial system, and society at large.

By defining the attributes of authentic stewardship, this book presents a path forward by analyzing the success of Canadian banks in weathering the financial crisis; evaluates the effectiveness of global financial reform efforts in making the financial system safer, sounder, and more secure; offers wealth management prescriptions for individual investors; evaluates the potential of ESG (environmental, social, and governance) investment processes as a way to instill stewardship behaviors among corporate CEOs (particularly at financial services firms); and, ultimately, calls for a return to stewardship's core principles as the key to not only minimizing the scope and consequences of future failures, but also to addressing other societal challenges.

Argues for a return towards stewardship, with financial services companies doing right by their customers

Analyzes the response of Canadian banks to the financial crisis to provide meaningful advice for investors and businesses alike

Inspired by Taft's experience running one of the largest wealth management firms in the country during the financial crisis and his direct participation in subsequent legislative and regulatory efforts to rewrite the rules under which the U.S. securities industry operates

From the man who made the decision to reimburse clients affected by the collapse of a money market mutual fund comes a compelling look at why financial service companies should start doing what's right for their customers.

Editorial Reviews
From the Inside Flap

John Taft comes from a distinguished political family well known for its commitment to integrity. In Stewardship: Lessons Learned from the Lost Culture of Wall Street, John Taft builds on that legacy and presents an intelligent, thoughtful argument for the importance of establishing service to others as the key to saving ourselves from the ongoing financial crisis, and creating a more stable and more compassionate financial system.

When the financial crisis hit in 2008, Taft was on the front lines with investors and employees, and experienced their extreme turmoil. Driven by a conviction that purposefulness, accountability, humility, integrity, and foresight are our duty, and that making the world a better place is our calling, he outlines in this book his belief in stewardship's core principles. These principles are the answer not only for minimizing the scale and impact of future financial crises, but also for addressing the major societal challenges facing us today.

Wide-ranging in its coverage, the book looks at the ways in which a lack of stewardship contributed to the financial crisis, how to strengthen banking regulation, and much more. Including an in-depth analysis of the ways in which Canadian banks responded to the crisis with integrity and established themselves as models of fiscal responsibility, it looks to the future with optimism. To illustrate his arguments, Taft employs engaging end-of-chapter vignettes that show his ideas in action. Extensive appendices on EU financial reform, the Basel III Accord, and thoughts on creating a more compassionate future augment the text to create a fascinating guide to a better future.

Born out of Taft's participation in legislative and regulatory efforts to rewrite the rules under which the U.S. securities industry will operate for decades to come, the book offers a unique response to the challenges of the financial crisis. It looks at the way in which a lack of integrity contributed to the Great Recession. It also shows how a renewed commitment to helping others has implications for the future of the financial services industry, the prevention of future crises, the protection of the environment, and much more. Stewardship is a compelling read with far-reaching implications.
From the Back Cover

Praise For Stewardship

"This is a powerful and moving book that deserves to be widely read.The idea of stewardship captures powerfully what is needed today.I just hope the financial industry listens."
—Gillian Tett, U.S. Managing Editor, Financial Times, and author, Fool's Gold

"When I was asked by a good friend to read John Taft's manuscript with the possibility of providing a comment about it, I groaned at the prospect of reading another dreary, self-justificatory treatise. I could not have been more wrong. Mr. Taft draws on his considerable experience in the financial industry to produce an essay that is thoughtful, constructive, and, in a word I rarely get to use in the context of the financial crisis, inspiring. I am glad to recommend it."
—Barney Frank, Congressman (D-MA)

"John Taft demystifies the complex inner workings of the financial services industry. He provides a simple, but elegant, approach to restoring trust and confidence in the U.S. financial services markets."
—Ron James, President and CEO, Center for Ethical Business Cultures

"Like his father and grandfather and great grandfather before him, John is another Taft who understands we are all stewards and with that comes responsibility. Stewardship is not just a book for Wall Street. It's a book for you and me."
—Doug Lennick, coauthor, Moral Intelligence

"Timely, well-argued, deeply humane. Taft is the sort of leader financeneeds as it emerges from the crisis."
—Matthew Bishop, New York Bureau Chief, The Economist and coauthor, The Road from Ruin

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