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Looks like the complaint was filed and sealed, and then he was fired. Which presents a whole new level of legal mess. Employee claims to have approached higher-ups about the issues, and that others left because of them.
One of the more interesting things to me is the timing of the release. 3:30 on a Friday afternoon is deliberately timed to avoid the news cycle and CNBC. WSJ and Reuters have picked it up, though no word on M* as of yet.
And you have at least to wonder about all those back-handed, cryptic comments Bogle has been known to give about current Vanguard management being different then when he was running the show.
Wife and I hold less than 1% of portf. in Vanguard. I thought that fund family was something like a "gold standard." But I shouldn't be surprised at anything, anymore. Sucks.
I thought that fund family was something like a "gold standard."
Me too. And they still may be a gold standard. Let's await the results. The really unique thing about Vanguard is the mutual ownership structure. The owners of Vanguard are each and every person who is invested in a Vanguard mutual fund. It's essentially run as a not for profit firm. While the founders of Fidelity [and probably many other fund shops] got very wealthy, John Bogle did not......the Vanguard fund holders got the benefits of the amazingly low expense ratios. Bogle set it up that way, the mutual ownership.
Comments
One of the more interesting things to me is the timing of the release. 3:30 on a Friday afternoon is deliberately timed to avoid the news cycle and CNBC. WSJ and Reuters have picked it up, though no word on M* as of yet.
And you have at least to wonder about all those back-handed, cryptic comments Bogle has been known to give about current Vanguard management being different then when he was running the show.
taxprof.typepad.com/taxprof_blog/2014/07/former-vanguard-tax-lawyer-.html
The really unique thing about Vanguard is the mutual ownership structure. The owners of Vanguard are each and every person who is invested in a Vanguard mutual fund. It's essentially run as a not for profit firm. While the founders of Fidelity [and probably many other fund shops] got very wealthy, John Bogle did not......the Vanguard fund holders got the benefits of the amazingly low expense ratios. Bogle set it up that way, the mutual ownership.