Sunday, April 18, 2004
Vanguard Takes Its Turn In The Barrel
As most of you know, I've recommended Vanguard funds on this blog several times. I use them myself.
Look for Vanguard to make a major announcement at about 9 AM monday morning.
I suspect it might have something to do with the fact that Vanguard--which has always pitched itself within the mutual fund industry as "more ethical than thou"-- been caught with its pants down, allowing larger shareholders to make late day trades on more advantageous terms than small shareholders, in violation of its prospectuses filed with the SEC. That's a big deal, actually--especially in the wake of a number of scandals in the mutual fund industry.
(Scroll down a little for the story on the excellent www.fundalarm.com.)
It doesn't really change my recommendation, or my reason for using Vanguard in the first place. Vanguard's reprehensible behavior probably cost me $1.87 over the course of the last year.
But I jut thought I'd give you a heads-up so you can watch the "mea culpas" on monday and make up your own mind.
Splash, out
Look for Vanguard to make a major announcement at about 9 AM monday morning.
I suspect it might have something to do with the fact that Vanguard--which has always pitched itself within the mutual fund industry as "more ethical than thou"-- been caught with its pants down, allowing larger shareholders to make late day trades on more advantageous terms than small shareholders, in violation of its prospectuses filed with the SEC. That's a big deal, actually--especially in the wake of a number of scandals in the mutual fund industry.
(Scroll down a little for the story on the excellent www.fundalarm.com.)
It doesn't really change my recommendation, or my reason for using Vanguard in the first place. Vanguard's reprehensible behavior probably cost me $1.87 over the course of the last year.
But I jut thought I'd give you a heads-up so you can watch the "mea culpas" on monday and make up your own mind.
Splash, out
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