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Former Vanguard CEO John Bogle. Photo credit: Associated Press.

Industry elder statesman John Bogle did not refrain from speaking his version of truth to power at a national gathering of investors, condemning the financial industry’s grip on corporate America while taking other unpopular stands in a wide-ranging keynote discussion.

“The mutual fund industry owns 35% of the stock in America,” Vanguard founder and the fund firm’s former CEO told Morningstar’s Don Phillips, in a conversation hosted by the fund research firm at its annual convention in Chicago.

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