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August 31, 2012

Bogle: Time to end money-market fund ‘illusion'

  • Vanguard Group founder John Bogle and the mutual fund industry are at odds over how to strengthen money-market mutual funds.
    • By MARK JEWELL
    AP Personal Finance Writer

    John C. “Jack” Bogle is 83 and outspoken. Over the years, the Vanguard Group founder has frequently criticized the mutual fund industry that he helped nurture. In the 1970s, Bogle challenged the industry status quo when Vanguard introduced the first low-cost index funds.

    He has clashed with industry leaders — and in some instances Vanguard, today the largest fund company — over such matters as investment tax rates and financial market reform. Then, of course, there's the size of fees that funds charge investors — especially managed funds that, unlike index funds, seek to beat the market rather than match it.


     
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