A similar transition has taken place in the medical profession, where the human concerns of the caregiver and the human needs of the patient have been overwhelmed by the financial interests of commerce: our giant medical care complex of hospitals, insurance companies, drug manufacturers and marketers, and health maintenance organizations (HMOs).
That from the chapter titled Too Much Business Conduct, Not Enough Professional Conduct in Mr. Bogle’s recent book. It’s a reminder of a discussion had this summer: should health care administrators be licensed? Still not a fan, but there’s no doubt there has been some loss of professionalism compared against an environment of the 1950s.
The book is an indictment of the financial industry and it’s many issues—Mr. Bogle makes it seem that it has more troubles than health care! His solution: focus on the investor; for far too long the industry has extracted value from the system instead of adding to it. Explains a lot of what we’re going through. Well worth a read.