MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, August 10, 2012 SEC Flaunts Its Money-Fund Bailout List Back in June, SEC commissioner Mary Schapiro made headlines when she claimed that hundreds of money-market funds had been bailed out by their parent companies over the last few years. Today, Bloomberg got a copy of the list of firms that were given permission to bail out their money funds, and it includes some big names, such as Bank of NY Mellon, Morgan Stanley and Charles Schwab. All told, money funds received permission to support 155 of their funds during the financial crisis, and six more were granted permission since the crisis. Northern Trust, AIG and Pioneer Investments got permission to bail out funds in 2010 and 2011. Five of the ten biggest money-market fund sponsors were given the go-ahead to bail out their funds. Notably, the two biggest names in the business, Fidelity and JPMorgan Chase, were not on the list. Naturally, industry executives have been pushing back, claiming that the list exaggerates their funds' troubles. J. Charles Cardona, president of BNY Mellon's Dreyfus funds, said his company received permission to bail out the funds but did not do so. "The chairman's testimony, at a minimum, demonstrates a lack of appreciation for the circumstances," he said. Printed from: MFWire.com/story.asp?s=40903 Copyright 2012, InvestmentWires, Inc. All Rights Reserved |