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John Bogle, founder of Vanguard, said Thursday that fiduciary duty comes down to “simple mathematics” and that even if Securities and Exchange Commission Chairwoman Mary Schapiro decides to leave her post at year-end and a fiduciary duty rule loses momentum, “We’ll keep at it.”

Speaking at the National Association of Personal Financial Advisors East conference in Baltimore, Bogle said that while Schapiro “loves the idea” of a fiduciary duty rule for brokers, she has been “so frustrated” with internal opposition to such a rule at the agency as well as in Congress.

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