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This book tells a sad tale. This is the tale of how and why the U.S. financial system and the American model of corporations, touted as examples for the rest of the world, have proven fragile and destructive. It is the tale of how, over the last thirty years, financial markets became populated by funds of all sorts, operators of every breed, speculators of every stripes, and have taken control of publicly listed corporations.

This tale tells of the consequences: short-term management of companies, greed, in and around corporations, the loss of loyalty and commitment within companies, weak governance…The book singles out the particular case of Canada which struggles, with moderate success, to steer clear of the worst excesses of financial capitalism.

This is also a hopeful book however. This economic system was designed by humans; humans can change it. The book proposes specific policy recommendations to bring about a new form of capitalism, one that puts finance in its place, enhances the welfare of our society and protects the long-term health of our economic system.

Quotes:

There’s a series of recent books on how we got into the current financial, but the advantage of this one is that it’s set out in an overall philosophical, economic and historical context and isn’t willing to settle for more of the same in the future.. ...their astute analysis, with its many unexpected insights and their take-no-prisoners tone, holds the reader’s interest.

Harvey Schachter, The Globe and Mail, July 29, 2009.

Thoughtful, passionate, majestic---the distillation of 30 years of studying and practicing business strategy at the highest level is applied to the greatest crisis in business performance and values since the Great Depression.

Robert Greenhill, Managing Director and Chief Business Officer, World Economic Forum

This book describes the victory of greed over professional and fiduciary duty on the part of Wall Street and leaders of public corporations on a scale unprecedented in history…This excellent book should be read by all concerned and lead to major changes in laws and, more important, enforcement.

Stephen A. Jarislowski. Executive Chairman, Jarislowski, Fraser Limited

This book offers a great overview of the economic and financial crisis we have experienced. It demonstrates how our large institutions got in trouble. Solutions are offered, some may be controversial, but they deserve to be debated. It is a great summary of our recent financial history. Well worth reading!

Claude Lamoureux, former President and CEO, Ontario Teachers’ Pension Plan

Pulling no punches, this book lays out in lucid, cogent layman’s terms the root causes of the financial crisis and, in a thought provoking and often surprising analysis, offers a set of clearheaded solutions…This is a must read for anyone struggling, as I was, to understand what happened and how to prevent it from happening again.

J. Robert Swidler, Chairman for Canada, Egon Zehnder International

A must read! This is a thought-provoking book which offers solutions to critical issues of corporate governance, risk and modern capital markets!

Guy Savard, Chairman, Merrill Lynch Canada

This book offers a brilliant analysis of the causes of the financial crisis which has shaken the worldwide economy .....

Jean-Paul Gagné, Emeritus Editor, journal Les Affaires

A book which will revolutionize the world of finance!

Yves Michaud, founder of the Movement for the education and defense of small shareholders (MEDAC)

Promotional events and press release:

Official launch: The book has been formally launched on June 10th at the International Economic Forum of the Americas held in Montreal. (see pictures)

Television interview: the authors were invited on June 15th (at 18h30 on RDI channel) to present the book in an interview with Mr. Gérald Fillion, financial analyst at Radio-Canada and RDI, at the program "RDI en direct sur l'économie". (see the interview)

Television interview: the authors were also invited on June 30th (at 16h30 on The Business News Network) to present the book in an interview with Ms. Kim Parlee, at the program "The Close". (see the interview)

Radio interview: the authors were invited on June 13th (at 12h15 on 95.1 FM) to present the book in an interview with Mr. Michel Lacombe at the program "Ouvert le samedi".

Forget, Dominique. 2009. "Discipliner le capitalisme". Jobboom Le Magazine, Vol 10, No 9, October 2009. (read this article)

Schachter, Harvey. 2009. "After the crisis, a call for drastic reforms". The Globe and Mail, July 29th. (read this article)

Vailles, Francis. 2009. "Des experts suggèrent de plafonner les salaires des PDG". La Presse (Montreal), July 6th. (read this article)

Bérubé, Gérard. 2009. "Des caisses Frankenstein". Le Devoir (Montreal), June 28th, p. B1. (read this article)

André Dubuc, André. 2009. "Quand l’entreprise perd ses valeurs, elle devient un lieu de mercenariat". Les Affaires, (Montreal), June 27th, p. 8-9. (read this article)

Desrosiers, Éric. 2009. "La crise offre l’occasion de revoir les bases du modèle économique, écrit Yvan Allaire". Le Devoir (Montreal), June 27th, p. A7. (read this article)