They have 3.5 trillion in client funds invested. They'd be insane to say the market is rigged. edit to add: Thinking more about it, likely their more profita

They have 3.5 trillion in client funds invested. They'd be insane to say the market is rigged. edit to add: Thinking more about it, likely their more profitable accounts (ie, not their index funds) would be destroyed by a transaction tax and so they don't want to see it implemented. The salad days of just doing a simple honest index fund with 3% annual turnover are long over for Vanguard.