As the CEO of RBC Wealth Management, one of the most prestigious
financial services firms in the U.S., and former chairman of the
Securities Industry and Financial Markets Association, John G. Taft is
uniquely qualified to offer an “insider's view" of the finanical crisis,
including a detailed analysis of the stewardship failure of some Wall
Street institutions and leaders that caused one of the most difficult
periods in the financial industry.
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, Taft outlines his belief in the core
principles of stewardship in his book, Stewardship: Lessons Learned from
the Lost Culture of Wall Street (Wiley, Hardcover and ebook, March 2012,
$27.95, 978-1-1181-9019-7). The book 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 compassionate financial system by restoring confidence
and renewing hope.
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. Inspired by Taft's experience
running one of the largest wealth management firms in the country during
the financial crisis, the book:
Provides 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
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
Considers 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
Taft, the great grandson of U.S. President William Howard Taft and
grandson of Senator Robert Taft, builds on his family legacy that is
well known for its commitment to integrity throughout the book. “It’s
particularly in times like a financial crisis that core principles
matter. These principles are the only solid ground under our feet when
everything is, or seems to be, unstable,” says Taft. “Because of my
family’s values I have always believed in the importance of these
principals and that if you don't get them right, nothing else matters.”
To illustrate his arguments, Taft employs engaging end-of-chapter
vignettes that demonstrate 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.
“Our stewardship legacy is defined not just by how we serve others
during our lifetimes, but the impact of our actions on generations into
the future. It will also determine whether we prevent sustainability
threats to society in areas like resource scarcity, climate change,
population growth, fiscal policy, and income inequality,” adds Taft.
“Our collective willingness to live up to our stewardship
responsibilities will determine whether or not we repeat or abet future
recurrences of the financial crisis of 2008-2009. Our future literally
depends on it.”
Keeping in line with his stewardship values, Taft will be donating all
proceeds of the book to charity.
For more information, please visit www.johngtaft.com.
