Whistleblower's expert says Vanguard owes billions in back taxes - philly-archives Vanguard's low expense fees may be coming to an end. "A tax expert retained by former Vanguard Group tax lawyer David Danon in his whistle-blower complaints against the mutual fund giant has sent the IRS a report estimating the company's unpaid federal income tax liabilities at $34.6 billion from 2007 to 2014." "Danon says Vanguard has been able to charge lower fees by underpaying its income taxes." I didn't know this about Vanguard... but the investors of Vanguard shares... ARE the owners of Vanguard! I predict a large class-action lawsuit to represent client/owner interests. https://investor.vanguard.com/what-we-offer/why-vanguard So much for John Bogle's "Battle for the Soul of Capitalism". ---------- Perhaps the day will come where people will ask: - "Are you a fiduciary advisor?" - "No, I have a higher standard than that. I'm an insurance agent."