In this WhoWhatWhy podcast, I talk with Harvard Law Professor John Coates who discusses his new book, "The Problem of Twelve," which warns against the alarming concentration of financial power in the U.S. Four index funds control 25% of the S&P 500, and along with dominant private equity firms and "too big to fail" banks, they wield outsized influence over the economy and politics. Coates argues that this lack of transparency and extreme concentration of power threatens not just the economy, but U.S. democracy itself.

My conversation with John Coates: