Jack Bogle: 5 growing dangers to investors
Be careful to whom you trust your money, because people in financial services are losing their sense of professional ethics, Bogle said.
"During my long career, Iâ€™ve witnessed great deterioration in our standards of conduct. The traditional industry standard, “There are some things that one simply does not do,” has changed to a new standard: “If everyone else is doing it, I can do it too.” In short, our ethical foundation has changed from moral absolutism to moral relativism. That change has taken our society a long way from the principal attribute of professional conduct—a commitment to the interests of clients, a commitment to serve responsibly, selflessly, and wisely."