But larding a corporate structure on top of all those formerly independent operations requires the efficiencies be quite dramatic to make the whole thing worthwhile.
In the past decade Vanguard's average expense ratio has fallen from 0.42% of assets annually to 0.27%--even as for-profit fund groups have been larding on ever higher expenses.
And because the American people deserve to know that special interests aren't larding up legislation with pet projects, both parties in Congress should know this: If a bill comes to my desk with earmarks inside, I will veto it.