Vanguard founder blasts mutual fund governance
REGULATORY UPDATE
ORLANDO, FLORIDA -- John Bogle, founder of US mutual fund manager Vanguard, issued a scathing assessment of the industry during a speech last month at software vendor SunGard’s annual conference.
Bogle cited the problem of eroding corporate governance ethics in the financial industry, as well as new investigations by New York Attorney General Eliot Spitzer of after-market trading by mutual fund units of Bank of America, Bank One, and others as evidence of the size of the problem the financial
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