The Problem of Twelve

In this insightful audiobook, Harvard law professor John Coates delves into the alarming concentration of economic and political power held by a select few institutions, notably the Big Three index funds—Vanguard, State Street, and BlackRock—which control over twenty percent of S&P 500 votes. He highlights the rise of private equity giants like Apollo, Blackstone, Carlyle, and KKR, which, with $2.7 trillion in assets, are fundamentally altering American capitalism by removing companies from regulatory oversight. Coates argues that addressing this "problem of twelve" requires political intervention to restore accountability and legitimacy in the system.