The Problem with the Profit Motive in Finance
Harvard Business Review
FEBRUARY 2, 2012
has a new "white paper" out with the rah rah title, " Financial Services: Safer & Stronger in 2012." I thought about this while listening Tuesday to David Swensen, the legendary manager of Yale University's endowment, arguing that acting as a fiduciary for other people's money and maximizing profits are incompatible activities. "A
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