The latest scandal has made me think...how do I know Vanguard really exists? What if it's just a PO Box in a strip mall in Valley Forge? Sure, they send me nice statements every quarter, but it's not that hard to generate nice looking letterhead. They're audited, but so was Madoff. Vanguard has, at times, refused to take my money (closed funds) just like Madoff did to help build credibility. John Bogle is a very persuasive guy, just like Madoff was. And so far, Vanguard has always honored requests to transfer money out, but maybe one day they wake up and their $1T is gone.