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Wednesday, November 10, 2010

Bogle Says 'The Financial Sector Actually Subtracts Value'

News summary by MFWire's editors

Fundsters following Jack Bogle's latest public attacks on the mutual fund industry may want to take a look at Dow Jones today. Al Lewis interviews the Vanguard [see profile] founder and offers some quotable snippets from Bogle's ninth book, Don't Count On It: Reflections on Investment Illusions, Indexing, Capitalism, 'Mutual' Funds, Entrepreneurship, Idealism and More, just released this month.

Bogle told Dow Jones that he wants a "federal standard of fiduciary duty" for mutual fund firms, so that "these money managers behave as trustees." And he argued for more shareholder activism from mutual fund firms.

"It's not going to be easy to get any mutual funds to stand up and be counted in corporate governance matters," Bogle told Dow Jones. 

Edited by: Neil Anderson, Managing Editor

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