They have 3.5 trillion in client funds invested.  They&#x27;d be insane to say the market is rigged.<p>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&#x27;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.