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Aug 01, 2014
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Faking the buck
IT IS a huge investment class: a $2.8 trillion one, to be exact. And it had long been thought of as a mundane one, just a notch more adventurous than a current account. Yet writing new rules for America’s money-market funds, which invest in short-term commercial and government debt, has been “one of the most flawed and controversial” deliberations ever undertaken by the Securities and Exchange Commission (SEC), Wall Street’s main regulator, according to Luis Aguilar, the only one of the five commissioners in office throughout the process.
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http://www.economist.com
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