Who is looking after our money

In general, in a relationship between a professional and a client (such as in doctor-patient, or lawyer-client), it is a known that the clients interests are supposed to be put first.
In an interview with Bill Moyers, John Bogle, the founder of Vanguard Funds, gives his view of a current state of financial industry.(the interview was given before the fall of Bear Stearns, by the way). Especially interesting to me was the last partof his interview, when he states that nowdays, the corporations are run in the way to maximize the profits for its managers and NOT
for its stockholders. He calls it "manager's capitalism" It's not about creating value anymore, it's about the most efficient way of extracting the value for its managers.
In addition, he talks about that gargantuan debt we racked up in the past decade.

http://www.pbs.org/moyers/journal/09282007/profile.html