While browsing Reed Smith's "Money Market Research and Compliance Page" (yesterday's "Link of the Day"), we ran into a perhaps timely 6-page PDF, "Events Requiring Action by a Money Market Fund". The brief explains what money funds must do in the event of a default or downgrade, actions which include dumping the security or taking action in the "best interest of the fund and its shareholders". We don't expect bailouts, and certainly no breaking-the-buck, over the subprime implosion. But, as the safest and most liquid of securities, money funds must always be prepared.

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