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Books > History > History of specific subjects > Economic history
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The Rise of Mutual Funds - An Insider's View (Hardcover)
Loot Price: R1,438
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The Rise of Mutual Funds - An Insider's View (Hardcover)
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In 1940 few Americans had heard of mutual funds. Today U.S. mutual
funds are the largest financial industry in the world, with over 88
million shareholders and over $11 trillion in assets. Cottage
Industry to Financial Giant describes the developments that have
produced mutual funds' long history of success. Among these
developments are: * formation of the first mutual funds in the
roaring 20s * how the 1929 stock market crash, a disaster for most
financial institutions, spurred the growth of mutual funds *
establishment in 1934, over FDR's objection, of the United States
Securities and Exchange Commission, the federal agency that
regulates mutual funds * enactment of the Revenue Act of 1936, the
tax law that saved mutual funds from extinction * passage of the
Investment Company Act of 1940, the "constitution" of the mutual
fund industry * the creation in 1972 of money market funds, which
totally changed the mutual fund industry and the entire U.S.
financial system *enactment of the Employee Retirement Income
Security Act of 1974, which created Individual Retirement Accounts
* the accidental development of 401(k) plans, which have
revolutionized the way Americans save for retirement * the 2003
trading abuses, the greatest scandal ever in the history of the
mutual fund industry Many events have never been reported before.
Others have been discussed in works on other subjects such as
retirement plans. Thus, this is first book that pulls together the
many strands of mutual funds' unique history. Moreover, the author
was personally involved in developments over the past forty years,
and much of the book is a personal narrative regarding the people
and events that have produced mutual funds' success.
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