Vanguard $

<p><font size="4" face="Times New Roman">caved on esg w blackrock
  see also DAF</font>

<font size="4" face="Times New Roman" style=" background-color: rgb(255, 255, 102);">Soon after the Bush Administration implemented the change in law enforcement affecting immigrants, Wall Street advisors publically recommended buying stock in private prison companies like CCA and GEO. At the time, Vice President <a target="_blank" href="http://biz.yahoo.com/special/hfund0605_06_article5.html">Dick Cheney was heavily invested</a> in Vanguard, one of a handful of major shareholders in GEO.</font>

<font size="4" face="Times New Roman"> =</font></p><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">=</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><a href="https://www.alternet.org/fossil-fuel-2662235056/">https://www.alternet.org/fossil-fuel-2662235056/</a></font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><a href="https://corpgov.law.harvard.edu/2019/01/31/the-long-view-us-proxy-voting-trends-on-es-issues-from-2000-to-2018/">
</a></font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><a href="https://corpgov.law.harvard.edu/2019/01/31/the-long-view-us-proxy-voting-trends-on-es-issues-from-2000-to-2018/">https://corpgov.law.harvard.edu/2019/01/31/the-long-view-us-proxy-voting-trends-on-es-issues-from-2000-to-2018/</a></font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">7 23 an no lnx</font></div><div><font size="4" face="Times New Roman" /><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman">Inside the fossil fuel industry’s insidious plan to end responsible investing</font></font></font></font></font></font></font></div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">Jessica Church, Common Dreams and Inequality.org July 06, 2023</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">In a recent Gallup poll, the vast majority of Americans surveyed said they were not even “somewhat familiar” with the term “ESG.” But on Capitol Hill, Republicans have developed a fixation on the issue, holding not one but two intensely partisan hearings on the topic.</div><div style="background-color: rgb(255, 255, 255);"><b>
</b></div><div style="background-color: rgb(255, 255, 255);"><b>“Republicans Are Losing Their Minds Over ESG” read one headline.</b></div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">“Anti-ESG talk leads to partisan fireworks” read another.</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">Now you may be wondering, what the heck is ESG? What’s anti-ESG? What the heck is “woke” capitalism? And why should I care?</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">What Is ESG?</div><div><span style="background-color: rgb(255, 255, 255);">ESG stands for “Environmental, Social, and Governance,” which are categories of </span><b style="background-color: rgb(255, 255, 255);">metrics that businesses use to assess performance and risk on a range of issues. </b><span style="background-color: rgb(255, 255, 102);">To reduce risk and create value over the long term,</span><span style="background-color: rgb(255, 255, 255);"> </span><span style="background-color: rgb(255, 255, 102);">businesses may seek to reduce carbon emissions (Environmental), improve working conditions for workers through racial equity and other measures (Social), or take steps to bring executive compensation closer in line with the company’s median salary (<b>Governance).</b></span></div><div style="background-color: rgb(255, 255, 255);">
</div><div><span style="background-color: rgb(255, 255, 102);">Companies’ practices on ESG metrics can have an impact on future performance, so there is tremendous value in understanding long-term risks associated with environmental, social, and governance factors.</span></div><div style="background-color: rgb(255, 255, 255);">
</div><div><span style="background-color: rgb(255, 255, 102);"><b>The simple concept that businesses should care about their communities and their workers and govern themselves accordingly is not new</b>. In the 1980s, some companies and banks stopped doing business in South Africa to protest racial Apartheid. In the 1990s, a number of institutional investors divested from the tobacco industry as a way to take a stand against the harmful and deceptive practices of companies like Phillip Morris and R.J. Reynolds. And in the 2000s and 2010s, support for environmental shareholder proposals grew substantially in response to the worsening climate crisis.</span></div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">Who’s Against It?</div><div style="background-color: rgb(255, 255, 255);">This leads us to the current backlash. “Anti-ESG” efforts, promulgated by long-time conservative organizations like the<b> Heritage Foundation and American Legislative Exchange Council (ALEC) and newly prominent groups like the Committee to Unleash Prosperity, Consumers’ Research, and the State Financial Officers Foundation </b>all have one things in common—connections to conservative big money donors in the oil and gas industry.</div><div style="background-color: rgb(255, 255, 255);">
</div><div><span style="background-color: rgb(255, 153, 0);">“The anti-‘woke investing’ movement was not created by financial experts,” observed environmental reporter Emily Aktin, “It was created by two of the fossil fuel industry’s most notorious climate disinformers.”</span></div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);"><b>The anti-ESG movement is a well-funded and well-organized campaign led by top conservative political operatives.</b></div><div style="background-color: rgb(255, 255, 255);">
</div><div><span style="background-color: rgb(255, 255, 102);">Big Oil wants to end ESG investing and ESG business practices because they’re at odds with the continued growth of the fossil fuel industry. Big Oil would rather let our planet burn and increase short-term profits than adjust its business practices to stave off the worst of the climate crisis and invest in long-term profits.</span></div><div style="background-color: rgb(255, 255, 255);">
</div><div><span style="background-color: rgb(255, 255, 102);">Big Oil also wants you to think that this “anti-ESG” movement is organic, that it emerged from the conservative grassroots, but that could not be further from the truth. The anti-ESG movement is a well-funded and well-organized campaign led by top conservative political operatives.</span><span style="background-color: rgb(255, 255, 255);"> I recently corresponded with Meaghan Winter, author of All Politics Is Local, who explained that:</span></div><div style="background-color: rgb(255, 255, 255);">
</div><div><span style="background-color: rgb(255, 255, 102);">“Ideological donors and their foundations and think tanks have deliberately chosen to push their agendas through <b>obscure-seeming front groups</b> that <b>work incrementally on the state level</b> because they don’t want to call attention to the profound (and very unpopular) changes they are initiating. This strategy is decades-old, it has worked against unions and abortion and more, and the anti-ESG effort is just one of the latest incarnations.”</span></div><div style="background-color: rgb(255, 255, 255);">
</div><div><span style="background-color: rgb(255, 255, 255);">One shining example of this is the recent </span><span style="background-color: rgb(255, 255, 102);">House Oversight Subcommittee hearing on ESG, where the majority witnesses (those called by the GOP, because Republicans control the House of Representatives right now) were<b> Mandy Gunasekara</b> from the Independent Women’s Forum, Jason Isaac from the Texas Public Policy Foundation, and Stephen Moore from the Heritage Foundation</span><span style="background-color: rgb(255, 255, 255);">. These organizations have a long history of receiving financial support and carrying water for the oil and gas industry, including Koch Industries, ExxonMobil, and Chevron.</span></div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);"><b>Watch Congresswoman Summer Lee</b> lay it out for us, plain and simple.</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">Why Does This Matter?</div><div><span style="background-color: rgb(255, 255, 102);">While the right wing foments a culture war crusade and attempts to make ESG the next critical race theory (“CRT”), the fear mongering campaign has real-world impacts on investors and companies who are scared of being caught in the backlash. For example, some private companies are now backpedaling on their climate commitments.</span></div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">To be clear, this is what the funders of this movement want.</div><div style=""><span style="background-color: rgb(255, 102, 0);">
</span></div><div><b style=""><span style="background-color: rgb(255, 102, 0);">In December, Vanguard, the world’s second largest asset management firm, pulled out of the Net Zero Asset Managers initiative, </span><span style="background-color: rgb(255, 255, 255);">which was a voluntary industry-led effort to reach net-zero emission targets by 2050.</span></b><span style="background-color: rgb(255, 255, 255);"> T</span><span style="background-color: rgb(255, 255, 102);">his was a major setback for anyone who cares about the health and shape of our environment, because Vanguard manages roughly $7 trillion </span><span style="background-color: rgb(255, 255, 255);">in assets. In order to meet the goals of the Paris Agreement—less than 1.5°C of global warming above pre-industrial levels—global markets must shift capital away from the fossil fuel industry and toward renewable energy systems.</span></div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">But this goes beyond the climate crisis. In recent years, workers and shareholders have been demanding more corporate accountability on workplace safety, workers’ freedom of association, data privacy, racial equity, and executive compensation, among other issues that fall into the Social and Governance categories of ESG. The right-wing campaign against ESG is a campaign to roll back these victories.</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">How Do We Fight Back?</div><div style="background-color: rgb(255, 255, 255);">My organization, <b>Take on Wall Street</b>, is organizing with unions, public interest groups, and grassroots groups to fight back against this regressive movement. But it’s not just about playing defense. We also need a forward-looking vision for worker power, climate justice, and racial equity. Watch this space.</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">FROM YOUR SITE ARTICLES</div><div style="background-color: rgb(255, 255, 255);">1,300+ scientists urge JPMorgan shareholders to vote for ending new fossil fuel financing ›</div><div style="background-color: rgb(255, 255, 255);">How fossil fuel lobbyists are pushing the right-wing campaign against 'woke capitalism': report ›</div><div style="background-color: rgb(255, 255, 255);">Fossil fuel lobbyists acting as 'double agents' at institutions fighting against climate change: report ›</div><div style="background-color: rgb(255, 255, 255);">RELATED ARTICLES AROUND THE WEB</div><div style="background-color: rgb(255, 255, 255);">'Double agents': fossil-fuel lobbyists work for US groups trying to ... ›</div></div><div style="background-color: rgb(255, 255, 255);"><p><font size="4" face="Times New Roman"> =</font></p></div><p><font size="4" face="Times New Roman">=</font></p><p><font size="4" face="Times New Roman"><a href="https://www.exposedbycmd.org/2022/03/21/the-dirty-dozen-the-biggest-nonprofit-funders-of-climate-denial/">https://www.exposedbycmd.org/2022/03/21/the-dirty-dozen-the-biggest-nonprofit-funders-of-climate-denial/</a></font></p><p><font size="4" face="Times New Roman">=</font></p><p><font size="4" face="Times New Roman">hmmn nader</font></p><p style="margin-top: 8px; margin-bottom: 8px;"><font size="4" face="Times New Roman"><a href="https://www.breakingthroughpower.org/">https://www.breakingthroughpower.org/</a></font></p><p style="margin-top: 8px; margin-bottom: 8px;"><font size="4" face="Times New Roman">
</font></p><p style="margin-top: 8px; margin-bottom: 8px;"><font size="4" face="Times New Roman">speakers</font></p><p style="margin-top: 8px; margin-bottom: 8px;"><font face="Times New Roman" size="4">Breaking through Power</font></p><p style="margin-top: 8px; margin-bottom: 8px;"><font size="4" face="Times New Roman">
</font></p><p style="margin-top: 8px; margin-bottom: 8px;"><font face="Times New Roman" size="4">OUR SPEAKERS</font></p><p style="margin-top: 8px; margin-bottom: 8px;"><font face="Times New Roman" size="4"> </font></p><p style="margin-top: 8px; margin-bottom: 8px;"><font face="Times New Roman" size="4">JOHN BOGLE</font></p><p style="margin-top: 8px; margin-bottom: 8px;"><font face="Times New Roman" size="4">The founder and former CEO of The Vanguard Group</font></p><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">=</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">palm oil indonesia , peat, carbon </font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">...<span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large" background-color="background-color" rgb="rgb">The connection matters because the Salim Group has benefited from more than $1.5 billion in loans and capital from foreign investors, including the American firms </span><b style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large">BlackRock and Vanguard,</b><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large" background-color="background-color" rgb="rgb"> and Salim companies have pledged that their palm oil is not a product of recent deforestation or peatland destruction. Satellite images from 2017 confirmed that the forests on the Sintang plantations were now virtually gone. (A Salim Group executive, Mark Wakeford, declined to comment about the Sintang companies.)</span></font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"></font></div><p><font size="4" face="Times New Roman"></font></p><p><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 255);">By representing millions of everyday investors, these money managers have the power to sway fossil fuel companies to take real action on climate change. </span><strong style="background-color: rgb(255, 255, 255);"><a rel="nofollow" target="_blank" href="https://click.everyaction.com/k/6155114/55395671/1192767978?nvep=ew0KICAiVGVuYW50VXJpIjogIm5ncHZhbjovL3Zhbi9VQ1MvVUNTLzEvNTgwOTciLA0KICAiRGlzdHJpYnV0aW9uVW5pcXVlSWQiOiAiNzdiYjQyNmEtMTk2Mi1lOTExLWI0OWUtMjgxODc4MzkxZWZiIiwNCiAgIkVtYWlsQWRkcmVzcyI6ICJwYXRtY2sxM0B5YWhvby5jb20iDQp9&hmac=dj29FKL98CDcuWDuuqebAbDUuXiY0T2ws0N6GC8SO5U=&emci=561eef31-df61-e911-b49e-281878391efb&emdi=77bb426a-1962-e911-b49e-281878391efb&ceid=1658457&contactdata=yg9Ctklj3HinqNwUr573sYMKpgt7Uoi79fayqire0qOcSHql%2BaQ5Rf7opup5SALsLihEBsbNN4I%2FKZBjxh1Hhq5V5RhV88rgHQIrYF2j8wd4GAzZtj8xlZ7tM0eBiwapYmE6j5OwKk3kRDH08f9DMbL%2FtibWaHPpqHM%2BQWB4%2FS8%3D" style="">Tell BlackRock and Vanguard to vote for climate and democracy at ExxonMobil's and Chevron's shareholder meetings next month.</a></strong><br style="background-color: rgb(255, 255, 255);" /><br style="background-color: rgb(255, 255, 255);" /><span style="background-color: rgb(255, 255, 255);">If you have a 401(k) or other retirement account, there's a good chance these money managers are speaking for you.</span></font></p><p><font size="4" face="Times New Roman">==</font>

<a href="https://darwinbondgraham.wordpress.com/2013/04/25/who-owns-the-private-prison-corporations/"><font size="4" face="Times New Roman" color="#000000">https://darwinbondgraham.wordpress.com/2013/04/25/who-owns-the-private-prison-corporations/</font></a>

<font size="4" face="Times New Roman">Here’s how Davey explains it:</font>

<font size="4" face="Times New Roman">“According to public analysis from Bloomberg, the largest holder in Corrections Corporation of America is Vanguard Group Incorporated. Interestingly enough, Vanguard also holds considerable stake in the media giants determining this country’s culture. In fact, Vanguard is the third largest holder in both Viacom and Time Warner. Vanguard is also the third largest holder in the GEO Group, whose correctional, detention and community reentry services boast 101 facilities, approximately 73,000 beds and 18,000 employees. Second nationally only to Corrections Corporation of America, GEO’s facilities are located not only in the United States but in the United Kingdom, Australia and South Africa.

You may be thinking, “Well, Vanguard is only the third largest holder in those media conglomerates, which is no guarantee that they’re calling any shots.” Well, the number-one holder of both Viacom and Time Warner is a company called Blackrock. Blackrock is the second largest holder in Corrections Corporation of America, second only to Vanguard, and the sixth largest holder in the GEO Group.

There are many other startling overlaps in private-prison/mass-media ownership, but two underlying facts become clear very quickly: The people who own the media are the same people who own private prisons, the EXACT same people, and using one to promote the other is (or “would be,” depending on your analysis) very lucrative.”</font>

<font size="4" face="Times New Roman">There’s problems with these claims, especially the notion that “the people who own the media are the same people who own private prisons, the EXACT same people[.]” I doubt this, and the evidence offered above certainly does not support it.</font>

<font size="4" face="Times New Roman">Figuring out who is calling the shots behind the private prison industry is important, but pointing at the Vanguard Group and Blackrock isn’t going to be a very productive exercise. Neither of these companies in fact “calls the shots” for any of the corporations they invest in, even though they routinely buy what are technically controlling stakes —more than 5% of a company’s outstanding shares— in publicly traded corporations.</font>

<font size="4" face="Times New Roman">Vanguard and Blackrock are institutional investors. They gather billions of dollars from customers including public and corporate pension funds, foundations, non-profits, as well as hundreds of thousands of individual customers who want to purchase IRAs and 401Ks. Out of the billions of dollars they take from their innumerable customers these companies create what are called indexes by buying equities, bonds, and other securities.</font>

<font size="4" face="Times New Roman">The investments of Vanguard and Blackrock are not targeted at particular companies, but instead are designed to replicate, or trend slightly above, the average rates of return across broad sectors of the market. To say that Vanguard or Blackrock happen to be the “the largest holder” of a company’s stock is not particularly relevant to the question of who controlst that company, or even who it is that benefits from the economic fortunes of that company.</font>

<font size="4" face="Times New Roman">Vanguard and Blackrock are the largest owners of probably thousands of large, medium, and small cap companies. Money managers like Blackrock and Vanguard do not exercise any control over their investments. The traders and analysts who work at Vanguard and Blackrock do not necessarily care about what a company does or how it makes its profits. They look at companies as bundles of rates and vectors on a computer screen, plots of data that indicate rates of return on capital invested at particular points in time. They compare these metrics to other metrics in the market, and they allocate vast pools of capital into and out of thousands of particular stocks based solely on the relational value of a stock to certain benchmarks. It’s pure quantitative extraction of income from global dispersed economic activity, and it occurs on a vast scale that picks from tens of thousands of corporate stocks, bonds, and other securities using criteria that are only about the trade-offs between risks and returns on the investment of capital.</font>

<font size="4" face="Times New Roman">Even if we did hypothesize that Vangaurd and Blackrock’s big stakes in private prison companies are relevant in terms of control, we’d have to figure out, who owns Vanguard and Blackrock? These are companies in and of themselves with stock, and certain owners who hold significant equity stakes. However, the ownership of the corporation entities known as Vaguard and Blackrock is separate from the claims made on the investments returns of the funds administered by each company. It’s these funds, distinct legal entities, that are invested in private prison companies, among many, many other sub-sectors of the economy.</font>

<font size="4" face="Times New Roman">For Corrections Corporation of America, there are at least four different Vanguard funds that own chunks of the company’s stock. But within the vast portfolios of these separate Vanguard funds, CCA is a mere tiny fraction of a percent of the fund’s total investments. For example, the<span class="Apple-converted-space"> </span><a href="http://quotes.morningstar.com/fund/vwnfx/f?t=VWNFX&culture=en-US" style="border-width: 0px 0px 1px; border-bottom-style: solid; border-bottom-color: rgb(229, 229, 229); margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; text-decoration: none; background: transparent;">Vanguard Windsor II Inv</a><span class="Apple-converted-space"> </span>fund owns CCA stock. But CCA isn’t even among the top 25 companies that the Vanguard Windsor II Inv is invested in. The fund’s top company stock picks are JP Morgan, Pfizer, Phillip Morris, Conoco Phillips, IBM, and its total holdings include a huge number of other corporations. CCA is way down on the list, lost amid an index of equities meant to track a vast swath of the global economy.</font>

<font size="4" face="Times New Roman">Anyway, who owns the Vanguard Windsor II Inv fund, and the other Vanguard and Blackrock funds that in turn own CCA and GEO Group stock?</font>

<font size="4" face="Times New Roman">The answer is that hundreds of other institutions and hundreds of thousands of individuals (mostly wealthy persons in the top income brackets) own the Vanguard and Blackrock funds that are used to buy shares of companies like GEO and CCA. So saying Vanguard owns private prisons and media companies is only saying that virtually millions of people own tiny fractional stakes in these companies through their pensions, 401Ks, ETFs, mutual funds, and other money manager products that Vanguard and Blackrock sell.</font>

<font size="4" face="Times New Roman">To say that because Vanguard or Blackrock funds own both private prisons and media companies means that the same people control the prisons and mass media is just plain wrong. There may be other links, but it’s not here.</font>

<font size="4" face="Times New Roman">All that said, perhaps it should be relevant and scandalous that Vanguard and Blackrock include private prison companies in their index funds. That prison companies are simply thought of as mundane stocks that index funds should seek exposure to should be outrageous. It’s troubling that these money managers consider private prison corporations as simply a sector of the “market.” Perhaps pensioners (including many union members and public employees), mutual fund owners, and persons with 401Ks administered by these and other big money managers should object to the inclusion of private prison companies in their investment funds.</font>

<font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 255);">Working peoples’ retirement savings are fast becoming a political weapon for Corporate America.</span><br style="background-color: rgb(255, 255, 255);" />

<span style="background-color: rgb(255, 255, 255);">That’s because when corporations take advantage of the </span><i style="background-color: rgb(255, 255, 255);">Citizens United</i><span style="background-color: rgb(255, 255, 255);"> ruling and secretly dump millions of dollars into distorting our elections, they’re doing it with shareholder money — largely retirement savings of everyday Americans.</span><br style="background-color: rgb(255, 255, 255);" />

<b style="background-color: rgb(255, 255, 255);">Our retirement savings are supposed to make our future better — they should not be used to elect crony lawmakers who put short-term corporate profits before the public interest.</b><br style="background-color: rgb(255, 255, 255);" />

<a rel="nofollow" target="_blank" href="http://qz.salsalabs.com/dia/track.jsp?v=2&c=9JmNHtXAQ%2BHB4jwuKtNK1YnmvsW2M%2FE6" id="yui_3_16_0_1_1447519798638_13238" style="margin: 0px; padding: 0px; outline: none; background: rgb(255, 255, 255);">Tell the Vanguard Group: Keep our retirement savings out of secret money politics.</a><br style="background-color: rgb(255, 255, 255);" />

<span style="background-color: rgb(255, 255, 255);">Vanguard is the largest manager of retirement savings in the U.S.</span><br style="background-color: rgb(255, 255, 255);" />

<span style="background-color: rgb(255, 255, 255);">Over the past five years since the U.S. Supreme Court’s </span><i style="background-color: rgb(255, 255, 255);">Citizens United</i><span style="background-color: rgb(255, 255, 255);"> ruling, shareholders have filed hundreds of resolutions calling on corporations like Chevron, Target, Google and Bank of America to disclose their political spending.</span><br style="background-color: rgb(255, 255, 255);" />

<b id="yui_3_16_0_1_1447519798638_13209" style="background-color: rgb(255, 255, 255);">Repeatedly, Vanguard has had the opportunity to support these resolutions.</b><br style="background-color: rgb(255, 255, 255);" />

<span style="background-color: rgb(255, 255, 255);">Repeatedly, Vanguard has instead sided with the CEOs who want to keep shareholders and the public in the dark about their attempts to influence our votes.</span><br style="background-color: rgb(255, 255, 255);" />

<b style="background-color: rgb(255, 255, 255);">Workers who are doing the right thing and saving for retirement should not have to worry that their savings are being used as a political war chest for climate deniers, Wall Street deregulators and Medicare de-funders.</b><br style="background-color: rgb(255, 255, 255);" />

 </font>

<font size="4" face="Times New Roman">no role in grt recession?</font>

<font size="4" face="Times New Roman"><b>vanguard charitable endowment: </b>brulle 2013:</font>

<font size="4" face="Times New Roman"><span style=" background-color: rgb(255, 255, 102);">donor trust</span> 14%</font>

<font size="4" face="Times New Roman">scaife 7%,</font>

<font size="4" face="Times New Roman"> bradley 5 plus 1% ed, koch 5, howard charatible fdn </font>

<font size="4" face="Times New Roman">4, john w pope 4, searle 4, </font>

<font size="4" face="Times New Roman">templeton 4%, </font>

<font size="4" face="Times New Roman">dunn's fdn for the adv of rt thinking 2,</font>

<font size="4" face="Times New Roman"> smith richardson 2,<b> </b></font>

<b><font size="4" face="Times New Roman">vanguard 2, 13 million</font></b>

<font size="4" face="Times New Roman">...annenbeg kohler 2, Lilly 2%</font>

 </font>

<font size="4" face="Times New Roman">RECIPIENTs</font>

<font size="4" face="Times New Roman">aei 16%, heritage 14, hoover 8% 45 mil$, Manh 6%, cato 5, hudson 5, atlas 4, afp 4, locke 3,<span style=" background-color: rgb(255, 255, 102);"> heartl </span>3, reason 3, mrc 3, <span style=" background-color: rgb(255, 255, 102);">mercatus </span>3, ncpa 3, cei 2, spn2, <b>pacif res</b> 2, iwf 1, landmark 1, freedomwork 1 5.3m$</font>

<font size="4" face="Times New Roman"> <a href="http://www.guidestar.org/FinDocuments/2011/232/888/2011-232888152-07c5f82a-9.pdf">http://www.guidestar.org/FinDocuments/2011/232/888/2011-232888152-07c5f82a-9.pdf</a>  amnesty, some asian rx</font>

 </font>

<span style=" background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><b>Vanguard Charitable is a top 15 U.S. nonprofit organization* that fulfills its mission to increase charitable giving by administering a donor-advised fund</b>--a tax-effective way to consolidate, accrue, and grant assets to charity. Since our inception in 1997, we have helped donors fulfill their philanthropic goals and make lasting charitable impacts. </font></span>

<font size="4" face="Times New Roman">  John J. Brennan</font>

<font size="4" face="Times New Roman">Vanguard, chairman emeritus and senior advisor</font>

<font size="4" face="Times New Roman">University of Notre Dame, trustee</font>

<font size="4" face="Times New Roman"><span style=" background-color: rgb(255, 255, 102);">Financial Industry Regulatory Authority,</span> governor</font>

<font size="4" face="Times New Roman"><span style=" background-color: rgb(255, 255, 102);">Financial Accounting Foundation,</span> trustee and past chairman</font>

<font size="4" face="Times New Roman">United Way of Greater Philadelphia and Southern New Jersey, director</font>

 </font>

<font size="4" face="Times New Roman"><span class="Apple-tab-span" style=" white-space: pre;"> </span>     Pamela Dippel Choney</font>

<font size="4" face="Times New Roman">Wellington Management Company, LLP, retired partner and senior vice president</font>

<font size="4" face="Times New Roman">Wellesley (MA) Scholarship Foundation, trustee and investment committee chair</font>

<font size="4" face="Times New Roman">Harvard Business School, fundraising committee member </font>

 </font>

<font size="4" face="Times New Roman"><span class="Apple-tab-span" style=" white-space: pre;"> </span>     James H. Gately</font>

<font size="4" face="Times New Roman">Vanguard, retired managing director</font>

<font size="4" face="Times New Roman">William Penn Foundation, board member</font>

<font size="4" face="Times New Roman">Fairmount Park Conservancy, board member</font>

<font size="4" face="Times New Roman">United Way of Southeastern Pennsylvania, former board member and chair</font>

 </font>

<font size="4" face="Times New Roman"><span class="Apple-tab-span" style=" white-space: pre;"> </span>     Kathleen C. Gubanich</font>

<font size="4" face="Times New Roman">Vanguard, managing director of Human Resources</font>

<font size="4" face="Times New Roman">American Benefits Council, executive board of directors officer</font>

<font size="4" face="Times New Roman">The Montgomery School, trustee and executive committee member</font>

 </font>

<font size="4" face="Times New Roman"><span class="Apple-tab-span" style=" white-space: pre;"> </span>     Michael F. Holland</font>

<font size="4" face="Times New Roman">Holland & Company, LLC investment firm, chairman</font>

<font size="4" face="Times New Roman">Harvard College Fund, executive committee member and former co-chair</font>

<font size="4" face="Times New Roman">The Winston Churchill Foundation of the United States, trustee emeritus</font>

 </font>

<font size="4" face="Times New Roman"><span class="Apple-tab-span" style=" white-space: pre;"> </span>     Christine James-Brown</font>

<font size="4" face="Times New Roman">Child Welfare League of America, president and CEO</font>

<font size="4" face="Times New Roman">Eagles Youth Partnership, director</font>

<font size="4" face="Times New Roman">William T. Grant Foundation, board member</font>

<font size="4" face="Times New Roman">Center for Effective Philanthropy, director</font>

<h3 class="dafSubhed" style="padding: 0px; margin: 25px 0px 0px; border: 0px; line-height: 24px; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">Assets and Giving in 2011</font></h3>

<p style=" padding: 0px; margin: 0px 0px 1.71429em; border: 0px; border-image-source: initial; border-image-slice: initial; border-image-width: initial; border-image-outset: initial; border-image-repeat: initial; line-height: 1.71429em;"><span style=" background-color: rgb(255, 255, 102);"><font size="4" face="Times New Roman">Total assets of all donor-advised funds at the organization: $2.33-billion <span class="perChange" style=" padding: 0px; margin: 0px; border: 0px; border-image-source: initial; border-image-slice: initial; border-image-width: initial; border-image-outset: initial; border-image-repeat: initial; font-weight: bold;">(+21.3% change from 2010)</span></font></span>

<font size="4" face="Times New Roman">Total amount donors contributed to their funds: $568.6-million <span class="perChange" style=" padding: 0px; margin: 0px; border: 0px; font-weight: bold;">(+18.3%)</span></font>

<font size="4" face="Times New Roman">Total sum donors channeled to charity from their funds: $486.9-million <span class="perChange" style=" padding: 0px; margin: 0px; border: 0px; font-weight: bold;">(+3.9%)</span></font>

<font size="4" face="Times New Roman">Number of funds: 7,760 <span class="perChange" style=" padding: 0px; margin: 0px; border: 0px; font-weight: bold;">(+11.5%)</span></font></p>

</div>

<p style=" padding: 0px; margin: 0px 0px 1.71429em; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">Average amount in each fund: $300,038 <span class="perChange" style=" padding: 0px; margin: 0px; border: 0px; font-weight: bold;">(+8.7%)</span></font>

<font size="4" face="Times New Roman">Minimum amount a donor must supply to open a fund: $25,000</font>

<font size="4" face="Times New Roman">Minimum a donor must give each time he or she adds to the fund: $5,000</font>

<font size="4" face="Times New Roman">Fees: 0.60% on the first $500,000 of assets; 0.45% on the next $500,000; 0.15% on the next $29-million.</font></p>

</div>

<p style=" padding: 0px; margin: 0px 0px 1.71429em; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">Accepts grant applications: No</font>

<font size="4" face="Times New Roman">Grant recipients, a sampling:</font></p>

<li style=" padding: 0px; margin: 0.625em 0px; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">Appalachian Community Fund, Knoxville, Tenn. -- $19,000</font></li>

<li style=" padding: 0px; margin: 0.625em 0px; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">Lake Forest College, Lake Forest, Ill. -- $620,500</font></li>

<li style=" padding: 0px; margin: 0.625em 0px; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">Minnesota Orchestral Association, Minneapolis -- $2.4-million</font></li>

<li style=" padding: 0px; margin: 0.625em 0px; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">Physicians for Human Rights, Cambridge, Mass. -- $350,000</font></li>

<li style=" padding: 0px; margin: 0.625em 0px; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">Western Diocese of the Armenian Church of North America, Burbank, Calif. -- $51,000</font></li>

</ul>

<p style=" padding: 0px; margin: 0px; border: 0px; line-height: 1.71429em;"><font size="4" face="Times New Roman">To see a full list of all contributions: A list of grants made is available on the organization's <a href="http://www.guidestar.org/FinDocuments/2011/232/888/2011-232888152-07c5f82a-9.pdf" style="padding: 0px; margin: 0px; border: 0px; text-decoration: none;">IRS form 990</a>.</font></p>

</div>

<p style="padding: 0px; margin: 0px 0px 1.71429em; border: 0px; line-height: 24px; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><a style="padding: 0px; margin: 0px; border: 0px;"><strong>Get more information about this fund’s past performance</strong></a> <img class="premium-icon" src="file:///C:/DATAleno/BRAINS/webodec3_brain/Files/D1338581-4AE4-C482-9FBE-F7A9FC7F38D2/PersonalBrain Notes/downloadedimagefile0.gif" alt="Premium Link" style=" padding: 0px; margin: 0px 0px 5px 5px; border: 0px;" /></font>

<h2><font size="4" face="Times New Roman">Contents</font></h2>

<ul>

<li class="toclevel-1"><a href="http://www.sourcewatch.org/index.php?title=Vanguard_Group#Board"><font size="4" face="Times New Roman" color="#000000"><span class="tocnumber">1</span> <span class="toctext">Board</span></font></a></li>

<li class="toclevel-1"><a href="http://www.sourcewatch.org/index.php?title=Vanguard_Group#Contact"><font size="4" face="Times New Roman" color="#000000"><span class="tocnumber">2</span> <span class="toctext">Contact</span></font></a></li>

<li class="toclevel-1"><font size="4" face="Times New Roman"><a href="http://www.sourcewatch.org/index.php?title=Vanguard_Group#Resources_and_articles"><span class="tocnumber">3</span> <span class="toctext">Resources and articles</span></a>

</font><ul>

<li class="toclevel-2"><a href="http://www.sourcewatch.org/index.php?title=Vanguard_Group#Related_Sourcewatch"><font size="4" face="Times New Roman" color="#000000"><span class="tocnumber">3.1</span> <span class="toctext">Related Sourcewatch</span></font></a></li>

<li class="toclevel-2"><a href="http://www.sourcewatch.org/index.php?title=Vanguard_Group#References"><font size="4" face="Times New Roman" color="#000000"><span class="tocnumber">3.2</span> <span class="toctext">References</span></font></a></li>

</ul>

</li>

</ul>

</td></tr></tbody></table>

<h2><span class="mw-headline"><font size="4" face="Times New Roman">Board</font></span></h2>

<p><font face="Times New Roman" size="4">Accessed February 2011: <sup id="cite_ref-0" class="reference"><a href="http://www.sourcewatch.org/index.php?title=Vanguard_Group#cite_note-0" title="">[1]</a></sup></font></p>

<ul>

<li><font size="4" face="Times New Roman"><a href="http://www.sourcewatch.org/index.php?title=F._William_McNabb_III&action=edit&redlink=1" class="new" title="F. William McNabb III (page does not exist)">F. William McNabb III</a> - chair</font></li>

<li><a href="http://www.sourcewatch.org/index.php?title=Emerson_U._Fullwood&action=edit&redlink=1" class="new" title="Emerson U. Fullwood (page does not exist)"><font size="4" face="Times New Roman" color="#000000">Emerson U. Fullwood</font></a></li>

<li><a href="http://www.sourcewatch.org/index.php?title=Rajiv_L._Gupta&action=edit&redlink=1" class="new" title="Rajiv L. Gupta (page does not exist)"><font size="4" face="Times New Roman" color="#000000">Rajiv L. Gupta</font></a></li>

<li><a href="http://www.sourcewatch.org/index.php?title=Amy_Gutmann" title="Amy Gutmann"><font size="4" face="Times New Roman" color="#000000">Amy Gutmann</font></a></li>

<li><a href="http://www.sourcewatch.org/index.php?title=JoAnn_Heffernan_Heisen" title="JoAnn Heffernan Heisen"><font size="4" face="Times New Roman" color="#000000">JoAnn Heffernan Heisen</font></a></li>

<li><a href="http://www.sourcewatch.org/index.php?title=F._Joseph_Loughrey" title="F. Joseph Loughrey"><font size="4" face="Times New Roman" color="#000000">F. Joseph Loughrey</font></a></li>

<li><a href="http://www.sourcewatch.org/index.php?title=Andr%C3%A9_F._Perold&action=edit&redlink=1" class="new" title="André F. Perold (page does not exist)"><font size="4" face="Times New Roman" color="#000000">André F. Perold</font></a></li>

<li><a href="http://www.sourcewatch.org/index.php?title=Alfred_M.Rankin,Jr.&action=edit&redlink=1" class="new" title="Alfred M. Rankin, Jr. (page does not exist)"><font size="4" face="Times New Roman" color="#000000">Alfred M. Rankin, Jr.</font></a></li>

<li><a href="http://www.sourcewatch.org/index.php?title=Peter_F._Volanakis&action=edit&redlink=1" class="new" title="Peter F. Volanakis (page does not exist)"><font size="4" face="Times New Roman" color="#000000">Peter F. Volanakis</font></a></li>

</ul>

<h2><span class="mw-headline"><font size="4" face="Times New Roman">Contact</font></span></h2>

<p><font size="4" face="Times New Roman">URL: vanguard.com</font>

<h2><span class="mw-headline"><font size="4" face="Times New Roman">Resources and articles</font></span></h2>

<h3><span class="mw-headline"><font size="4" face="Times New Roman">Related Sourcewatch</font></span></h3>

<ul>

<li><a href="http://www.sourcewatch.org/index.php?title=John_C._Bogle&action=edit&redlink=1" class="new" title="John C. Bogle (page does not exist)"><font size="4" face="Times New Roman" color="#000000">John C. Bogle</font></a></li>

<li><font size="4" face="Times New Roman" style=" background-color: rgb(255, 255, 102);"><a href="http://www.sourcewatch.org/index.php?title=Dick_Cheney" title="Dick Cheney">Dick Cheney</a> <a href="http://www.democracynow.org/2008/11/20/dick_cheney_and_alberto_gonzales_indicted" class="external autonumber" title="http://www.democracynow.org/2008/11/20/dick_cheney_and_alberto_gonzales_indicted" rel="nofollow">[1]</a></font></li>

<li><font size="4" face="Times New Roman"><a href="http://www.sourcewatch.org/index.php?title=Jack_Brennan&action=edit&redlink=1" class="new" title="Jack Brennan (page does not exist)">Jack Brennan</a> - former CEO and chair</font></li>

<li><a href="http://www.sourcewatch.org/index.php?title=James_E._Norris" title="James E. Norris"><font size="4" face="Times New Roman" color="#000000">James E. Norris</font></a></li>

</ul>

<h3><span class="mw-headline"><font size="4" face="Times New Roman">References</font></span></h3>

<li id="cite_note-0"><font size="4" face="Times New Roman"><a href="http://www.sourcewatch.org/index.php?title=Vanguard_Group#cite_ref-0" title="">↑</a> <a href="https://personal.vanguard.com/us/content/Home/WhyVanguard/AboutVanguardBoardDirectorsContent.jsp" class="external text" title="https://personal.vanguard.com/us/content/Home/WhyVanguard/AboutVanguardBoardDirectorsContent.jsp" rel="nofollow">Board</a>, Vanguard Group, accessed February 1,, 2011.</font></li>

</ol>

<font size="4" face="Times New Roman">https://en.wikipedia.org/wiki/The_Vanguard_Group</font>

<font size="4" face="Times New Roman"><b>The Vanguard Group</b> is an American <a href="https://en.wikipedia.org/wiki/Investment_management" title="Investment management" style="text-decoration: none; background: none;">investment management</a> company based in <a href="https://en.wikipedia.org/wiki/Malvern,Pennsylvania" title="Malvern, Pennsylvania" style="text-decoration: none; background: none;">Malvern, Pennsylvania</a>, that manages approximately $3.0 trillion<sup id="cite_ref-aum_1-1" class="reference" style="line-height: 1; display: inline-block;"><a href="https://en.wikipedia.org/wiki/The_Vanguard_Group#cite_note-aum-1" style="text-decoration: none; white-space: nowrap; background: none;">[1]</a></sup> in assets. It is the largest provider of <a href="https://en.wikipedia.org/wiki/Mutual_fund" title="Mutual fund" style="text-decoration: none; background: none;">mutual funds</a> and now the second-largest provider of <a href="https://en.wikipedia.org/wiki/Exchange-traded_fund" title="Exchange-traded fund" style="text-decoration: none; background: none;">exchange-traded funds</a> (ETFs) in the world, with about $451 billion in ETF assets under management, as of March 2015.<sup id="cite_ref-2" class="reference" style="line-height: 1; display: inline-block;"><a href="https://en.wikipedia.org/wiki/The_Vanguard_Group#cite_note-2" style="text-decoration: none; white-space: nowrap; background: none;">[2]</a></sup> It offers mutual funds and other financial products and services to retail and institutional investors in the United States and abroad. Founder and former chairman <a href="https://en.wikipedia.org/wiki/John_C.Bogle" title="John C. Bogle" style="text-decoration: none; background: none;">John C. Bogle</a> is credited with the creation of the first <a href="https://en.wikipedia.org/wiki/Index_fund" title="Index fund" style="text-decoration: none; background: none;">index fund</a> available to individual investors,<sup id="cite_ref-3" class="reference" style="line-height: 1; display: inline-block;"><a href="https://en.wikipedia.org/wiki/The_Vanguard_Group#cite_note-3" style="text-decoration: none; white-space: nowrap; background: none;">[3]</a></sup> the popularization of index funds generally,<sup id="cite_ref-:0_4-0" class="reference" style="line-height: 1; display: inline-block;"><a href="https://en.wikipedia.org/wiki/The_Vanguard_Group#cite_note-:0-4" style="text-decoration: none; white-space: nowrap; background: none;">[4]</a></sup> and driving costs down across the mutual fund industry.<sup id="cite_ref-:0_4-1" class="reference" style="line-height: 1; display: inline-block;"><a href="https://en.wikipedia.org/wiki/The_Vanguard_Group#cite_note-:0-4" style="text-decoration: none; white-space: nowrap; background: none;">[4]</a></sup></font>

<font size="4" face="Times New Roman">Vanguard is owned by the funds themselves and, as a result, is owned by the investors in the funds.<sup id="cite_ref-5" class="reference" style="line-height: 1; display: inline-block;"><a href="https://en.wikipedia.org/wiki/The_Vanguard_Group#cite_note-5" style="text-decoration: none; white-space: nowrap; background: none;">[5]</a></sup> According to third-party <a href="https://en.wikipedia.org/wiki/Web_analytics" title="Web analytics" style="text-decoration: none; background: none;">web analytics</a> provider <a href="https://en.wikipedia.org/wiki/SimilarWeb" title="SimilarWeb" style="text-decoration: none; background: none;">SimilarWeb</a>, the company's website has over 6 million visits per month, as of 2015,<sup id="cite_ref-6" class="reference" style="line-height: 1; display: inline-block;"><a href="https://en.wikipedia.org/wiki/The_Vanguard_Group#cite_note-6" style="text-decoration: none; white-space: nowrap; background: none;">[6]</a></sup> and is ranked #31 among Finance and Investing sites.<sup id="cite_ref-7" class="reference" style="line-height: 1; display: inline-block;"><a href="https://en.wikipedia.org/wiki/The_Vanguard_Group#cite_note-7" style="text-decoration: none; white-space: nowrap; background: none;">[7]</a></sup></font>

<font size="4" face="Times New Roman" /><h2 style="margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border: none; display: inline; line-height: 1.3; background: none;"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman">Contents</font></font></font></font></font></font></font></font></font></font></h2>

</div>

<li class="toclevel-1 tocsection-1" style=" margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/The_Vanguard_Group#The_index_fund_philosophy" style="text-decoration: none; background: none;"><font size="4" face="Times New Roman" color="#000000"><span class="tocnumber">1</span> <span class="toctext">The index fund philosophy</span></font></a></li>

<li class="toclevel-1 tocsection-2" style=" margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/The_Vanguard_Group#History" style="text-decoration: none; background: none;"><font size="4" face="Times New Roman" color="#000000"><span class="tocnumber">2</span> <span class="toctext">History</span></font></a></li>

<li class="toclevel-1 tocsection-3" style=" margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/The_Vanguard_Group#Vanguard_ETFs" style="text-decoration: none; background: none;"><font size="4" face="Times New Roman" color="#000000"><span class="tocnumber">3</span> <span class="toctext">Vanguard ETFs</span></font></a></li>

<li class="toclevel-1 tocsection-5" style=" margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/The_Vanguard_Group#References" style="text-decoration: none; background: none;"><font size="4" face="Times New Roman" color="#000000"><span class="tocnumber">5</span> <span class="toctext">References</span></font></a></li>

<li class="toclevel-1 tocsection-6" style=" margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/The_Vanguard_Group#External_links" style="text-decoration: none; background: none;"><font size="4" face="Times New Roman" color="#000000"><span class="tocnumber">6</span> <span class="toctext">External links</span></font></a></li>

</ul>

</div>

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<h2 style="font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(170, 170, 170); line-height: 1.3; background: none rgb(255, 255, 255);"><font size="4" face="Times New Roman"><span class="mw-headline" id="History">History</span><span class="mw-editsection" style="user-select: none; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block;"><span class="mw-editsection-bracket">[</span><a href="https://en.wikipedia.org/w/index.php?title=The_Vanguard_Group&action=edit&section=2" title="Edit section: History" style="text-decoration: none; background: none;">edit</a><span class="mw-editsection-bracket">]</span></span></font></h2>

<p style="margin: 0.5em 0px; line-height: 22.4px; background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman"><a href="https://en.wikipedia.org/wiki/John_Bogle" title="John Bogle" class="mw-redirect" style="text-decoration: none; background: none;">John Bogle</a>, the chairman of <a href="https://en.wikipedia.org/wiki/Wellington_Management_Company" title="Wellington Management Company" style="text-decoration: none; background: none;">Wellington Management Company</a>,<sup id="cite_ref-10" class="reference" style="line-height: 1; display: inline-block;"><a href="https://en.wikipedia.org/wiki/The_Vanguard_Group#cite_note-10" style="text-decoration: none; white-space: nowrap; background: none;">[10]</a></sup> was fired for an "extremely unwise" merger that he approved, a poor decision that he considers his biggest mistake, stating, "The great thing about that mistake, which was shameful and inexcusable and a reflection of immaturity and confidence beyond what the facts justified, was that I learned a lot."<sup id="cite_ref-11" class="reference" style="line-height: 1; display: inline-block;"><a href="https://en.wikipedia.org/wiki/The_Vanguard_Group#cite_note-11" style="text-decoration: none; white-space: nowrap; background: none;">[11]</a></sup> Though no longer the chairman, he remained with the company, and arranged to start a new fund division at Wellington. He decided to call it Vanguard, named after <a href="https://en.wikipedia.org/wiki/Horatio_Nelson" title="Horatio Nelson" class="mw-redirect" style="text-decoration: none; background: none;">Horatio Nelson's</a> flagship at the <a href="https://en.wikipedia.org/wiki/Battle_of_the_Nile" title="Battle of the Nile" style="text-decoration: none; background: none;">Battle of the Nile</a>, the <a href="https://en.wikipedia.org/wiki/HMS_Vanguard_(1787)" title="HMS Vanguard (1787)" style="text-decoration: none; background: none;">HMS <i>Vanguard</i></a>.<a rel="nofollow" class="external autonumber" href="http://www.marketwatch.com/story/5-things-you-dont-know-about-vanguard-2014-10-31?siteid=bigcharts&dist=bigcharts" style="text-decoration: none; padding-right: 13px; background: linear-gradient(transparent, transparent) 100% 50% no-repeat, url(" data:image="data:image" svg="svg" xml="xml" c="C" fxml="Fxml" version="version" d="D" encoding="encoding" utf-8="UTF-8" f="F" e="E" csvg="Csvg" http="http" a="A" fwww.w3.org="Fwww.w3.org" f2000="F2000" fsvg="Fsvg" width="width" height="height" cg="Cg" transform="transform" translate="translate" crect="Crect" x="x" y="y" fill="fill" fff="fff" stroke="stroke" cpath="Cpath" m831.194="M831.194" h5.234v5.391l-1.571="h5.234v5.391l-1.571" z="z" m835.424="M835.424" l.022="l.022" fg="Fg" xmlns="xmlns" xmlns:data="data">[1]</a> Bogle chose this name after a dealer in antique prints left him a book about Great Britain’s naval achievements. The book mentioned Nelson’s flagship, leading Bogle to think, with regard to Vanguard, “What a great name.” Bogle also recounts that Wellington executives resisted the name, but narrowly approved it after Bogle mentioned that Vanguard funds would be listed in the alphabetical listings in the <i><a href="https://en.wikipedia.org/wiki/Wall_Street_Journal" title="Wall Street Journal" class="mw-redirect" style="text-decoration: none; background: none;">Wall Street Journal</a></i> next to Wellington funds.<a rel="nofollow" class="external autonumber" href="http://www.vanguard.com/bogle_site/lib/sp19970401.html" style="text-decoration: none; padding-right: 13px; background: linear-gradient(transparent, transparent) 100% 50% no-repeat, url(" data:image="data:image" svg="svg" xml="xml" c="C" fxml="Fxml" version="version" d="D" encoding="encoding" utf-8="UTF-8" f="F" e="E" csvg="Csvg" http="http" a="A" fwww.w3.org="Fwww.w3.org" f2000="F2000" fsvg="Fsvg" width="width" height="height" cg="Cg" transform="transform" translate="translate" crect="Crect" x="x" y="y" fill="fill" fff="fff" stroke="stroke" cpath="Cpath" m831.194="M831.194" h5.234v5.391l-1.571="h5.234v5.391l-1.571" z="z" m835.424="M835.424" l.022="l.022" fg="Fg" xmlns="xmlns" xmlns:data="data">[2]</a></font>

<font size="4" face="Times New Roman">The Wellington executives, still smarting over the bad merger, required that the fund not be allowed to engage in advisory or fund management services. Given that this effectively disallowed it to start a new actively managed fund, Bogle saw it as an opportunity to start a passive fund, tied to the <a href="https://en.wikipedia.org/wiki/S%26P_500" title="S&P 500" style="text-decoration: none; background: none;">S&P 500</a>.<a rel="nofollow" class="external autonumber" href="http://www.vanguard.com/bogle_site/lib/sp19970401.html" style="text-decoration: none; padding-right: 13px; background: linear-gradient(transparent, transparent) 100% 50% no-repeat, url(" data:image="data:image" svg="svg" xml="xml" c="C" fxml="Fxml" version="version" d="D" encoding="encoding" utf-8="UTF-8" f="F" e="E" csvg="Csvg" http="http" a="A" fwww.w3.org="Fwww.w3.org" f2000="F2000" fsvg="Fsvg" width="width" height="height" cg="Cg" transform="transform" translate="translate" crect="Crect" x="x" y="y" fill="fill" fff="fff" stroke="stroke" cpath="Cpath" m831.194="M831.194" h5.234v5.391l-1.571="h5.234v5.391l-1.571" z="z" m835.424="M835.424" l.022="l.022" fg="Fg" xmlns="xmlns" xmlns:data="data">[3]</a><a rel="nofollow" class="external autonumber" href="http://www.nytimes.com/2012/08/12/business/john-bogle-vanguards-founder-is-too-worried-to-rest.html?pagewanted=all&_r=1&" style="text-decoration: none; padding-right: 13px; background: linear-gradient(transparent, transparent) 100% 50% no-repeat, url(" data:image="data:image" svg="svg" xml="xml" c="C" fxml="Fxml" version="version" d="D" encoding="encoding" utf-8="UTF-8" f="F" e="E" csvg="Csvg" http="http" a="A" fwww.w3.org="Fwww.w3.org" f2000="F2000" fsvg="Fsvg" width="width" height="height" cg="Cg" transform="transform" translate="translate" crect="Crect" x="x" y="y" fill="fill" fff="fff" stroke="stroke" cpath="Cpath" m831.194="M831.194" h5.234v5.391l-1.571="h5.234v5.391l-1.571" z="z" m835.424="M835.424" l.022="l.022" fg="Fg" xmlns="xmlns" xmlns:data="data">[4]</a> Bogle has since said that he was inspired by, not just the academic research showing the potential for a passively managed index fund to outperform an actively managed fund, but also by <a href="https://en.wikipedia.org/wiki/Paul_Samuelson" title="Paul Samuelson" style="text-decoration: none; background: none;">Paul Samuelson</a>, an economist who later won the <a href="https://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences" title="Nobel Memorial Prize in Economic Sciences" style="text-decoration: none; background: none;">Nobel Prize for Economics</a>. In a <i><a href="https://en.wikipedia.org/wiki/Newsweek" title="Newsweek" style="text-decoration: none; background: none;">Newsweek</a></i> column, Samuelson had cited this academic researching in imploring that someone start a passive index fund tied to the S&P 500.<sup id="cite_ref-12" class="reference" style="line-height: 1; display: inline-block;"><a href="https://en.wikipedia.org/wiki/The_Vanguard_Group#cite_note-12" style="text-decoration: none; white-space: nowrap; background: none;">[12]</a></sup><a rel="nofollow" class="external autonumber" href="http://www.vanguard.com/bogle_site/lib/sp19970401.html" style="text-decoration: none; padding-right: 13px; background: linear-gradient(transparent, transparent) 100% 50% no-repeat, url(" data:image="data:image" svg="svg" xml="xml" c="C" fxml="Fxml" version="version" d="D" encoding="encoding" utf-8="UTF-8" f="F" e="E" csvg="Csvg" http="http" a="A" fwww.w3.org="Fwww.w3.org" f2000="F2000" fsvg="Fsvg" width="width" height="height" cg="Cg" transform="transform" translate="translate" crect="Crect" x="x" y="y" fill="fill" fff="fff" stroke="stroke" cpath="Cpath" m831.194="M831.194" h5.234v5.391l-1.571="h5.234v5.391l-1.571" z="z" m835.424="M835.424" l.022="l.022" fg="Fg" xmlns="xmlns" xmlns:data="data">[5]</a> The mutual fund industry, having grown used to high-fee funds marketed as being able to beat the market, resisted Vanguard's low cost index approach. Some labeled it <i>Bogle's folly</i>, and some claimed it was un-American to simply try to be the market, rather than to try to beat it.</font>

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