John Coates at WAC

Tuesday, August 22, 2023
7:00pm — 8:00pm CT
World Affairs Council of Greater Houston

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.

“Coates’s pathbreaking analysis and recommendations deserve the attention of all who care about our economic future.” —Lawrence H. Summers


John Coates is the John F. Cogan, Jr. Professor of Law and Economics at Harvard Law School, where he also serves as Deputy Dean and Research Director of the Center on the Legal Profession. He has served as General Counsel and Acting Director of the Division of Corporation Finance of the Securities and Exchange Commission; before joining Harvard, he was a partner at Wachtell, Lipton, Rosen & Katz, specializing in financial institutions and M&A. He has testified before Congress and provided consulting services to the Department of Justice, the Department of Treasury, and the New York Stock Exchange.

 

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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

World Affairs Council of Greater Houston

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