How Did You Form the Vanguard Group?

The idea was that the funds would create a new company that they owned. Wellington Management Company had to take it because the directors of the funds were in charge of the contracts with Wellington. So you really back door to your way back into the company after they had fired you as chairman? Well, yes, I think that's a fair statement. But from a tactical standpoint, I've been the chairman of the Wellington fund all along. Gotcha.