The Problem of Twelve

Name: The Problem of Twelve
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SKU: 9798987053546
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When a Few Financial Institutions Control Everything

By John Coates

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Summary

The Problem of Twelve explores the emergence of significant economic and political risks posed by a small group of financial institutions wielding extraordinary influence. John Coates reveals how the 'Big Four' index funds—Vanguard, State Street, Fidelity, and BlackRock—control over twenty percent of votes in S&P 500 companies, while private equity giants like Apollo and Blackstone manage trillions in assets through buyouts that reduce public oversight. This shift marks an unprecedented transformation in American capitalism, challenging democratic accountability and demanding urgent attention.
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Format: Paperback / softback

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The Problem of Twelve

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This book is essential for readers interested in contemporary finance, economic policy, and democratic governance, especially those keen on understanding the impact of concentrated financial power on society.

Description

The forces behind an economic and political crisis in the making.

A problem of twelve arises when a small number of institutions acquire the means to exert outsized influence over the politics and economy of a nation.

The Big Four index funds of Vanguard, State Street, Fidelity, and BlackRock control more than twenty percent of the votes of S&P 500 companies—a concentration of power that's unprecedented in America. Then there's the rise of private equity funds such as the Big Four of Apollo, Blackstone, Carlyle, and KKR, which have amassed $2.7 trillion of assets. These funds are eroding the legitimacy and accountability of American capitalism, not by controlling public companies, but by taking them over entirely, removing them from public discourse and public scrutiny.

This quiet accumulation over the last few decades represents a dramatic transformation in how the American economy operates—a sea change that few of us have noticed and all of us need to consider. Harvard law professor John Coates forcefully calls our attention to what is sure to be one of the major political and economic issues of our time.

A fascinating insight into a paradox at the heart of liberal democracies. - Financial Times

A powerful argument for thoroughly revising how the chief players in the financial world are regulated. - Kirkus Reviews

Book Details

INFORMATION

ISBN: 9798987053546

Publisher: Columbia Global Reports

Format: Paperback / softback

Date Published: 21 September 2023

Country: United States

Imprint: Columbia Global Reports

Illustration: Illustrations

Audience: General / adult

DIMENSIONS

Width: 127.0mm

Height: 190.0mm

Weight: 250g

Pages: 192

Collections

Business & Entrepreneurship Company Culture & Human Resources Finance & Economics Finance & Investment John Coates Non-Fiction

About the Author

John Coates is the John F. Cogan, Jr. Professor of Law and Economics at Harvard Law School, where he also serves as Deputy Dean and Research Director of the Center on the Legal Profession. He has served as General Counsel and Acting Director of the Division of Corporation Finance of the Securities and Exchange Commission; before joining Harvard, he was a partner at Wachtell, Lipton, Rosen & Katz, specialising in financial institutions and M&A. He has testified before Congress and provided consulting services to the Department of Justice, the Department of Treasury, and the New York Stock Exchange. He lives in Newton, MA.