John Coates at Harvard Book Store
Monday, September 11, 2023
7:00pm — 8:00pm ET
Harvard Book Store
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, and are eroding the legitimacy and accountability of American capitalism, not by controlling public companies, but by taking them over entirely.
What can be done to check this level of power? Harvard law professor John Coates argues that only politics can fight the problem of twelve.
John Coates is the John F. Cogan, Jr. Professor of Law and Economics and Deputy Dean for Finance and Strategic Initiatives at Harvard Law School. Before joining Harvard, he was a partner at Wachtell, Lipton, Rosen & Katz. He has testified before Congress and provided consulting services to the Dept. of Justice, the Dept. of Treasury, and the New York Stock Exchange.
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… more
Harvard Book Store