Vanguard makes contingency plansgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Does anyone else invest with Vanguard? I got their newsletter that they send out to their investors periodically. It included discussion of their Y2k contigency plans, including a picture of a big generator. Apparently they have purchased 12 of these babies. All in all, Vanguard has been very realistic about the possibility of problems from Y2k.
-- Amy Leone (firstname.lastname@example.org), September 07, 1999
Oh, and by the way, could you pollys explain to little old me why it is necessary for Vanguard to make contingency plans for what is obviously a hoax? This point eludes me. Thanks.
-- Amy Leone (email@example.com), September 07, 1999.
We don't use your company but our company has also been very prudent about y2k. Seems a little strange if it is a hoax, huh? Our company has also been concerned abt a market collapse. I am waiting patiently to see what happens in October.
-- Moore Dinty moore (firstname.lastname@example.org), September 07, 1999.
Vanguard is the 2nd largest mutual fund in the US. Fidelity is first. Vanguard is also a very conservative company, and if they are buying backup generators it means they have been told at the highest level that electric delivery will not be totally dependable. It will be critical for these large mutual funds to remain "in business" during January, or the market will collapse, totally. I have no doubt that any decision made by Vanguard regarding generators was due to serious inside information, not just simple contingency planning. They haven't had these before because they saw no need for them before. They are not that far from Philadelphia (in Valley Forge) and you will note that Philadelphia is spending about 1 million dollars on backup generators for their water and sewage plants. If water and sewage fails for more than a day or two, Philadelphia is unlivable.
-- Gordon (email@example.com), September 07, 1999.
I too got the MoneyWhys newsletter from Vanguard. The caption under the photo of Mr. Brennan says that they have seven (7) generators. My guess is that these are $40k units. Pretty heafty insurance premium for a BITR.
-- John (firstname.lastname@example.org), September 08, 1999.