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Vanguard Group, the world's largest mutual fund manager with more than $4 trillion in assets, this week announced that CEO Bill McNabb will step down at the end of 2017, to be succeeded by chief investment officer Tim Buckley. Here is Buckley speaking to The Economist last summer:
The biggest advantage Vanguard has, aside from its structure, is the greed of our competitors.
Thomas Modly. Photo: Chip Somodevilla/Getty Images
Acting Navy Secretary Thomas Modly resigned Tuesday after apologizing for comments he made about Capt. Brett Crozier, who was removed when a letter he wrote pleading with the Navy to address the coronavirus outbreak aboard the USS Theodore Roosevelt was leaked to the press. The resignation was first reported by Politico.
Why it matters: The controversy over Crozier's removal was exacerbated after audio leaked of Modly's address to the crew, in which he said Crozier was either "too naive or too stupid to be a commanding officer of a ship like this." After initially backing Modly's decision, President Trump said at a briefing Monday that he would "get involved."
Gov. Greg Abbott. Photo: Tom Fox-Pool/Getty Images
A federal appeals court in Texas ruled 2-1 in favor of an executive order by Republican Gov. Greg Abbott on Tuesday that prohibits abortions during the coronavirus outbreak.
The big picture: Abbott last month issued the order banning elective procedures in an effort to save medical supplies like masks and gowns for health workers treating the coronavirus. Texas Attorney General Ken Paxton noted one day later that the order applied to abortions — unless the woman's life is at risk.
Illustration: Aïda Amer/Axios
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