Jack Bogle Rails Against 12b-1 Fees

Once again, Jack Bogle, the disenfranchised founder of The Vanguard Group, is using his bully pulpit to slam the industry practice of collecting excessive 12b-1 marketing fees, TheStreet.com reports.

As a participant in a panel sponsored on Monday by the North American Securities Administrators Association, Bogle publicly accused mutual fund companies of failing to deliver value in exchange for investors’ 12b-1 fees, which are taken out of annual expenses paid by shareholders.