Transcript: John Bogle on World Economic Forum
{{#rendered}} {{/rendered}}This is a partial transcript from "Your World with Neil Cavuto," January 27, 2006, that was edited for clarity.
NEIL CAVUTO, HOST: Meanwhile, the rich, famous and powerful have all converged on Davos, Switzerland. It's the annual World Economic Forum.
But my next guest himself is rich, famous and powerful, and has no interest at all in being there. Why? Let's ask him.
{{#rendered}} {{/rendered}}He is the founder, he's the former CEO of the Vanguard Group and wrote a very funny column on this in Friday's Wall Street Journal. He's also author of "The Battle For the Soul of Capitalism."
How are you, my friend? Good to have you.
JOHN BOGLE, FOUNDER, VANGUARD GROUP: I'm doing well, Neil. Thank you.
{{#rendered}} {{/rendered}}CAVUTO: So, you're not in Davos?
BOGLE: I'm not in Davos...
CAVUTO: So, you and Paul decided to skip it, huh?
{{#rendered}} {{/rendered}}BOGLE: Darn it.
(LAUGHTER)
CAVUTO: To me, it looks like a super-cool club, you know, and that is it.
{{#rendered}} {{/rendered}}BOGLE: Yes.
Well, I mean, let's say it is a super-cool club. I'm just not into super cool.
(LAUGHTER)
{{#rendered}} {{/rendered}}BOGLE: And I'm not sure I'm rich, powerful, or famous either.
But what it has turned out to be, I think, Neil, as I said in The Journal op-ed, is, what was once a global economic forum, of all things, called the Global Economic Forum, is now kind of a show of glitz and showoff, and as I put it in the op-ed, business stars and Hollywood starlets.
And we have a wild number of people there. You know, of course, Bono is there, and the wrong Michael Jordan, as I mentioned, and the other Michael Jordan.
{{#rendered}} {{/rendered}}(LAUGHTER)
CAVUTO: But sometimes, something can come of notable types like that getting together. You just don't buy it?
BOGLE: Well, I don't know. You know, there are, I think, 2,350 people there.
{{#rendered}} {{/rendered}}They brag that they have got 735 CEOs. And, using an old phrase, I think, if you laid them end to end, they probably wouldn't reach a conclusion.
(LAUGHTER)
BOGLE: And 226 forums. Well, how many forums can you go to? The only one, as far as I know, that is over one hour — their usual limit is a three-hour one — on building romantic relationships or something like that.
{{#rendered}} {{/rendered}}CAVUTO: Well, John, tell the truth.
BOGLE: Personal relationships.
CAVUTO: Tell the truth. If there is a forum with Angelina Jolie, you would be there, right? If you got a ticket to that here in New York, and they said, come on, John Bogle, you can catch Angelina, you would. You would be on the first flight out.
{{#rendered}} {{/rendered}}BOGLE: Well, if they gave me a ticket, I might go.
(LAUGHTER)
BOGLE: I will admit that.
{{#rendered}} {{/rendered}}But, on the other hand, somebody told me, I guess on good authority, that, if they don't give you a ticket to go, they send you one for $25,000.
CAVUTO: Right. You pay through the nose, right, right.
BOGLE: Well, Neil, you know Bogle well enough to know, $25,000 ain't going out of my pocket to go to Davos.
{{#rendered}} {{/rendered}}(LAUGHTER)
CAVUTO: You're also the cheapest guy on Wall Street.
(LAUGHTER)
{{#rendered}} {{/rendered}}CAVUTO: But that is what has made you a lot of money.
BOGLE: Let's say the most careful about how I spend my money.
CAVUTO: I got you, my friend.
{{#rendered}} {{/rendered}}(LAUGHTER)
CAVUTO: John Bogle, thank you very much. You and me, we're both out on this Davos thing.
(LAUGHTER)
{{#rendered}} {{/rendered}}BOGLE: Always fun to be with you, Neil.
CAVUTO: Thank you.
BOGLE: And it's a great subject.
{{#rendered}} {{/rendered}}CAVUTO: Thank you very much, John Bogle.
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