November 23, 2014 |
David Danon tried to warn Vanguard Group it was illegally underpaying its income taxes while he was a tax lawyer for the company from 2008 to 2013 and was punished in return, according to an affidavit filed in his whistleblower lawsuit last week. Danon, of Wayne, contends that after trying to "silence" him, Vanguard fired him "in retaliation for my persistent vocal questioning. " He said he sued only after Vanguard officials refused to act on what he termed "clear violations of law. " Danon said Vanguard, based in Malvern and holding $3 trillion in assets, was "intentionally engaged in unlawful conduct," in court papers meant to answer Vanguard's efforts to discredit him and stop his complaint from advancing in New York Superior Court.
November 10, 2014 |
Vanguard Group has grown so large, it can throw its weight around in any boardroom in America. "We own about 5 percent of every publicly traded [U.S.] company," sometimes more, chief executive F. William McNabb told a conference at the University of Delaware's John L. Weinberg Center for Corporate Governance on Oct. 30. McNabb said he has had to educate corporate managers who think Vanguard's funds of stocks, copied from indexes such as the S&P 500, are mere "passive" investors.
November 2, 2014 |
Vanguard Group , the Malvern mutual fund giant, wants a New York court to throw out a tax-fraud lawsuit that challenges the company's legal structure. It alleges that David Danon , the ex-Vanguard lawyer who filed the complaint, violated basic rules of corporate lawyer behavior by accusing his former bosses. Vanguard's memo, made public after New York Supreme Court Justice Joan A. Madden declined Vanguard's requests to keep case documents secret, argues that Danon "grossly betrayed" the $3 trillion-asset company, violated confidentiality requirements, and broke state legal ethics rules when he "stole hundreds of privileged and confidential documents" related to Vanguard tax practices.
October 20, 2014 |
The lengthy bull market has helped boost Vanguard Group investors' assets by $1 trillion since the end of 2011. New revenues from the fees investors pay have also been growing. Malvern-based Vanguard now manages $2.7 trillion in U.S. investments, up from $1.6 trillion in 2011. Rising stock values, plus Vanguard's growth at the expense of its rivals - it now controls 18 percent of U.S. mutual fund assets, up from 13 percent before the recession - has generated more than $1 billion in additional annual fees over the last three years.
September 17, 2014 |
John Bogle , founder of Vanguard Group , the $3 trillion-asset, Malvern-based leader of the mutual fund industry, is due in Washington on Tuesday to lecture the Senate Finance Committee on what ought to be done to prevent retired Americans from ending up in their kids' closets and garages or public shelters, now that most big companies no longer offer guaranteed pensions. Some of Bogle's suggestions: Save Social Security by delaying retirement until age 69; boost benefits based on inflation, not wage increases; impose the Social Security tax to higher wages; and limit payouts to rich retirees.
February 17, 2014 |
For a view of the "jobless recovery" - there are still fewer Americans employed today than in 2008, despite rising business profits and share prices - take a look at what has changed at Vanguard Group's Chester County campus. And what hasn't. Vanguard assets have tripled, to nearly $3 trillion, since the stock market bottomed out five years ago. Its popular index portfolios, targeted-date retirement funds, and other products now account for nearly one-fifth of the U.S. mutual fund industry.
November 6, 2013 |
A lot has changed since Mayfair rowhouse native Robert F. Auwaerter, then a young Wharton School (and Father Judge High) graduate, left a failing Chicago bank 32 years ago to join Vanguard Group's new bond-investment business. As Auwaerter, 58, plans to retire in the spring as head of the Fixed Income Group, his operation ranks among the industry's giants, with $750 billion in fixed-income assets and a staff of 120. Auwaerter has been "the backbone" of Vanguard bonds his whole career, chief executive Bill McNabb said in a statement.
July 1, 2013 |
Nearly 20 years ago, the Vanguard Group started opening campuses in other parts of the country, first in Arizona in 1994 and then in North Carolina three years later. The plan was to keep doing that until employees of the Malvern mutual-fund giant were spread over five or six states, but the company hit a wall when it tried to pick a fourth site. "We couldn't come up with a region that had the kind of education center that Philadelphia has, that would offer us the kind of talent that we have been able to get from Philadelphia, so we really decided to double down," Vanguard's president and chief executive, F. William McNabb, said last week.
January 22, 2013
Moorestown Friends School has appointed three new school committee members: Peter Baily, head of school at Oakwood Friends School in Poughkeepsie, N.Y.; Stefanie Cohen, former president of Congregation M'kor Shalom in Cherry Hill; and Patricia Ann Metzer, a tax lawyer with Vacovec, Mayotte & Singer in Cambridge, Mass. Arthritis Foundation, Eastern Pennsylvania Chapter , named Mary Pat Kessler to its board. She is vice president at Willis Human Capital Practice.
September 11, 2012 |
Coldwell Banker Elite Realtors shut its network of South Jersey offices Monday, idling nearly 100 agents plus their support staff. The Elite agency "discontinued operations" at its Mullica Hill headquarters and residential real estate offices in Burlington, Camden, and Gloucester Counties, confirmed David Siroty , spokesman for Coldwell Banker Real Estate L.L.C in Parsippany, N.J., which licenses the Coldwell Banker name and network to local operators....