John C. Bogle, the founder of Vanguard (mentioned in the article) wrote a book called "The battle for the soul of capitalism" [1] where he describes his motivation to found Vanguard. In summary he sees that funds managers add little value but extract too much money from risk takers (=investors) and thereby turn capitalism up side down. Sounds like his thesis is winning.

[1] http://www.amazon.com/Battle-Soul-Capitalism-John-Bogle/dp/0...