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Vanguard Group

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BUSINESS
July 20, 1995 | By David I. Turner, INQUIRER STAFF WRITER
The Vanguard Group has quietly started a network that will allow small investors to trade mutual funds from nine of its competitors and to have all those holdings listed on their Vanguard statements. Other companies, including Fidelity Investments and Charles Schwab & Co., have offered such programs for several years, and Vanguard last week began introducing its version in response to requests from customers of its brokerage service, said John J. Brennan, president of the Malvern- headquartered company.
NEWS
June 6, 1991 | By Dominic Sama, Inquirer Staff Writer
Vanguard Group Inc. unveiled its plans for a 213-acre office campus complex before the Tredyffrin Township supervisors Monday night and received a generally favorable response. The supervisors heard more than two hours of testimony during a public hearing on the proposed office complex in the western part of the township near Cedar Hollow and Matthews Roads, south of Route 202 and east of the National Rolling Mills Inc. The financial-services company's plan will be on tonight's agenda of the Township Planning Commission.
BUSINESS
December 24, 1987 | By Jennifer Lin, Inquirer Staff Writer
Liberty All-Star Equity Fund, a closed-end investment company, yesterday said its trustees had unanimously rejected sweeping changes suggested by John C. Bogle, a Liberty shareholder and chairman of the Vanguard Group of Investment Cos. of Valley Forge. In a statement, the board said Bogle's proposals were "inconsistent with the fundamental premises on which All-Star was structured . . . and were not in the best interests of the fund's shareholders. " In unsolicited proposals, Bogle asked that the fund's shareholders vote on converting the company to an open-end fund.
NEWS
January 7, 2011 | By Walter F. Naedele, Inquirer Staff Writer
After the recent death of John T. Jackson, Vanguard Group in Malvern wrote to its employees about his significance to the firm. "Mr. Jackson joined the Wellington Management board in 1971. "After the Wellington Management board fired Jack Bogle as chief executive in 1974, Mr. Jackson was one of the independent directors of the Wellington mutual funds who voted to create a management company that would be owned by the funds and headed by Mr. Bogle. "That management company . . . is Vanguard, which began operations on May 1, 1975.
NEWS
August 31, 2000 | By Nancy Petersen, INQUIRER STAFF WRITER
Cited for its hot economy, low unemployment and innovative approaches to public / private partnerships, Chester County has been named community of the year by the state Chamber of Business and Industry. "What has happened in Chester County is significant for the business climate, especially the whole way the public and private sectors have worked together to bring about a positive climate for change," said Lew Ebert, vice president of marketing for the state chamber. Commissioner Colin Hanna said the award validates what most people already know.
NEWS
August 9, 2000 | By Brian Woodward, INQUIRER SUBURBAN STAFF
In the view south from the windows of State Sen. Jim Gerlach's office sit a scattering of sleepy shops and open green fields. But these days, Gerlach's sights are focused beyond those fields, down Black Horse Hill to the townships of Uwchlan and Upper Uwchlan. It is there, he says, that the first substantial application of two recently passed land-use laws will be put to the test. The legislation, known as Senate Bill 300 and House Bill 14, was signed into law June 22. Gerlach, a Republican who represents the 44th District, introduced the Senate bill and has spent much of his 10 year career in state politics working on pushing it through the state legislature, he said.
BUSINESS
May 11, 1999 | By Miriam Hill, INQUIRER STAFF WRITER
Coming soon to your television or personal computer screen: Vanguard employees to help you make financial decisions. The Vanguard Group's managing director for information technology, Bob DiStefano, said he envisions a future in which shareholders get help by clicking on a remote control or a mouse to talk directly to a Vanguard employee about how to save for retirement, a child's education, or any other financial goal. Adding that kind of service will take several years, he said, but the idea shows how tightly the mutual fund giant in Malvern is embracing technology as a strategy to offer new services at low cost.
BUSINESS
December 10, 2004 | By Todd Mason INQUIRER STAFF WRITER
Vanguard Group introduced a new mutual fund yesterday to be managed by one of its hottest outside investment firms. The manager, Primecap Management Co., quietly introduced three funds of its own last month, although Vanguard had closed two Primecap funds to new investors in March. Vanguard routinely closes hot funds to avoid hobbling managers with a flood of cash that cannot be invested wisely. (Yesterday, the fund family closed the $5.3 billion Vanguard Energy fund to new investors.
BUSINESS
September 28, 2004 | By Todd Mason INQUIRER STAFF WRITER
Fidelity Investments isn't shy about naming Vanguard Group as the target of its recent price cuts. The Boston fund family slashed fees last month on its index mutual funds, underpricing Vanguard's flagship Standard & Poor's 500 index fund by 40 percent. "We have a lot of customers who overlap with a large mutual-fund complex located near you," Jeff Carney, president of Fidelity Personal Investments, said in an interview. Vanguard, now the nation's biggest company for long-term mutual funds, is based in Malvern.
NEWS
February 7, 2001 | By Brian Woodward, INQUIRER SUBURBAN STAFF
As the Vanguard Group proceeds with its plans to build a corporate campus, it has come across a mystery shrouded in mud. Burrowed beneath frozen wetlands on the 246-acre property known as the Happy Days Farm, there may - or may not - be endangered bog turtles. The U.S. Fish and Wildlife Service and the Pennsylvania Fish and Boat Commission aren't taking any chances. The two agencies have required Vanguard to ensure that the species, which has been decimated by development and collectors in the last 20 years, is nowhere to be found on the property.
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ARTICLES BY DATE
BUSINESS
September 4, 2016 | By Joseph N. DiStefano, Staff Writer
Can we have too much of a good thing?   Index funds are guided not by the wizardly stock-pickers of old but by number crunchers who buy lists of representative securities and hold them, rise or fall. They have cut costs and boosted profits for large and small investors. But U.S. and European professors scrutinizing the impact of the Big Three index-fund purveyors - BlackRock Inc., Vanguard Group, and State Street Corp. - say they see, in the triumph of indexing, not just a cheap way for investors to squeeze profits but also threats to capitalism as we know it. Index funds and managers of index "strategies" now control 34 percent of global stocks by value, up from 25 percent just five years ago, writes Inigo Fraser-Jenkins, in a report last month for Sanford C. Bernstein, New York.
BUSINESS
May 17, 2016 | By Joseph N. DiStefano, Staff Writer
Don't you wish someone would do this for you?   California Assemblyman Mike Gatto, a Los Angeles Democrat who is backed by labor unions, says he sympathizes with the little guy fighting unfair systems. "When a whistle-blower comes forward, they are usually doing a very good job for society," Gatto told me. But that's not how he felt last winter, when Gatto read an online commentary about how Vanguard Group, the Malvern-based private company that runs the nation's largest and fastest-growing mutual fund operation, might owe "billions" in unpaid income taxes.
BUSINESS
May 5, 2016 | By Erin Arvedlund, Staff Writer
A few thousand Vanguard investment customers thought they had made some extra bucks on Monday. But it turned out to be a software glitch: Vanguard account holders who were checking their balances on Apple iPhones, iPads, and Apple Watches - in short, anyone using an operating system on an Apple device - briefly experienced inflated values. "A few thousand out of our 20 million clients" were affected, according to Vanguard spokeswoman Katie Hirt. Hirt said 16 percent of customers who visit the company's website Vanguard.com do so through an Apple device and application.
BUSINESS
March 31, 2016 | By Joseph N. DiStefano, Staff Writer
The Securities and Exchange Commission has filed a "friend of the court" motion arguing that David Danon, the former Vanguard Group tax lawyer who says he was fired for complaining about billions of dollars of federal and state income-tax underpayments by the Malvern-based mutual-fund giant, is entitled to whistleblower protection under the Securities Exchange Act of 1934 and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010....
BUSINESS
January 18, 2016 | By Erin Arvedlund, Staff Writer
An IT employee at Vanguard Group, Rebecca Snow asked for a month off in 2013 to care for her dying mother in hospice and her ailing father. Not long after her leave, Snow was fired from her computer systems job, despite 13 years of raises and excellent reviews. Colleagues who took a family leave routinely suffered bad reviews, pay cuts, and firings, Snow alleged in a suit she later filed. Her manager Wanda Kirschbaum urged Snow to take the leave, and was also later fired. "I felt bad because I was the one who encouraged" Snow to take the leave, Kirschbaum said in a deposition for Snow's suit, "because they held it against her. " In November, Snow settled her suit, filed in Charlotte, N.C., where Vanguard has an office, and agreed not to discuss it. Her case is the latest in a string of 20 suits against the $3.4 trillion investment giant, which is based in Malvern.
BUSINESS
November 25, 2015 | By Joseph N. Distefano, Inquirer Staff Writer
Mutual-fund giant Vanguard Group will pay several million dollars in back taxes to Texas, marking the first payout linked to a whistle-blower's contention that the company has underpaid its income taxes. The Texas comptroller of public accounts found a payment "deficiency" from 2010 to 2014 when it audited Vanguard's payments of the 1 percent corporate franchise tax, state records show. Texas last month also agreed to pay $117,000 to David Danon, a former Vanguard tax attorney, for his role in helping bring the violations to light.
BUSINESS
January 6, 2015 | By Joseph N. DiStefano, Inquirer Staff Writer
Vanguard Group , the Malvern-based investment giant, has filed what it hopes will be its final reply to the 2013 whistle-blower lawsuit filed by David Danon , a former tax lawyer for the company. Danon, who resides in Chester County, says Vanguard underpaid its federal and state income taxes by more than $1 billion by arranging for its mutual funds to underpay for Vanguard Group management services, thus reducing the group's income and its tax liability in defiance of federal rules.
BUSINESS
November 23, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
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.
BUSINESS
November 10, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
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.
BUSINESS
November 2, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
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.
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