BusinessWeek writes "'They Forgot What a Money Fund Was'"

Feb 11 08

BusinessWeek writes "'They Forgot What a Money Fund Was'". The article interviews Bruce Bent, who "created the first money market fund in 1970." It says, "[T]he prevailing attitude was that any idiot could master cash management. But that was before some of the ultraconservative funds were caught with their hands in higher-yielding short-term securities that wound up part of the subprime mess." Bent also discusses municipal insurer exposure in Reserve's tax-exempt money funds, what to look for in a money fund, and "enhanced" Reserve Yield Plus fund.

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