Vanguard Founder John Bogle Named 2008 Bonnell Award Winner
The Community College of Philadelphia Foundation presented its Allen T. Bonnell Award to investment expert John C. Bogle at its second annual Pathways Breakfast on Dec. 16. Bogle is the founder of Vanguard and president of the Bogle Financial Markets Research Center. He is the second recipient of the Bonnell Award, which honors innovation, vision, perseverance and determination—all hallmarks of the College's founding president Allen T. Bonnell, who attended the awards breakfast held at The Union League of Philadelphia. The first recipient in 2007 was actor, comedian and humanitarian Bill Cosby.
In presenting the award, Mayor Michael A. Nutter said Bogle embodies the qualities represented by the Bonnell Award. "Like Dr. Bonnell, this year's recipient is a man for whom the words vision, innovation and perseverance readily come to mind," Mayor Nutter said.
He praised Bogle, a Princeton University graduate, for his understanding of the "transformative power of higher education and the need to assist others on the path." The mayor also praised the College. "I have tremendous respect for Community College of Philadelphia," he said. "We will continue to support this great College because it supports so many."
Bogle was visibly moved when he accepted the award. He complimented the College, which he said provides the education and training that are essential to "unlocking the doors" of opportunity for Philadelphians. "Without education, there really is no opportunity," Bogle said.
Bogle founded Vanguard in 1974. A year later he introduced the first indexed mutual fund. Today, the Malvern-based firm is one of the two largest mutual fund organizations in the world, with assets totaling $1 trillion. Since retiring as Vanguard's CEO in 1996, he has opened the Bogle Financial Markets Research Center and written four best-selling books. His most recent book, Enough: The True Measure of Money, Business and Life, was released last year. In Enough, Bogle challenges readers to examine their lives and how some of their own misguided financial decisions may have contributed to the current meltdown of the world's financial markets. "Not knowing what ‘enough' is subverted many of our professional and personal values, and this confusion led us astray in our larger lives," he wrote.
Pat Ciarrocchi, a CBS 3 news anchor, hosted the awards ceremony, which also recognized other individuals for their contributions to education. The awards and honorees included the Corporate Partnership Award, Joseph A. Frick, president and CEO, Independence Blue Cross; Civic Investment Award, Sharmain Matlock-Turner, president, Greater Philadelphia Urban Affairs Coalition; Community Philanthropist Award, Sylvia Hayre Randolph of the Wright-Hayre Foundation; Alumni Achievement Award, Robin Mackintosh, retired CBS 3 news reporter; and Foundation Keystone Award, Susan Sherman, president and CEO, Independence Foundation.
Some of the sponsors of the event included AmeriHealth Mercy, Fox Rothschild LLP, Glenmede, Independence Blue Cross, The Beneficial Foundation, Comcast Corporation and Verizon. The College Foundation will use a portion of the proceeds from the Pathways Breakfast to establish an endowed scholarship in Bogle's name.