New M-LEC SIV "Superconduit" Elicits Yawns From Money Market Funds. The announcement yesterday of a new "superconduit" fund, Master-Liquidity Enhancement Conduit, or M-LEC, which will purchase only high quality SIV (structured investment vehicle) assets has us wondering "Why bother?" While attempts to clean up remaining problem pockets of the asset-backed commercial paper market are appreciated, this plan appears too limited, too vague, and too slow to matter much (to money funds at least). The high-quality SIVs, which this fund would buy, aren't where the problems are, and the SIVs don't want to sell assets at a discount anyway. The troubled SIVs are now primarily a matter for the banks backing them, and not too big an exposure area for the money market funds, which had been reducing their exposure. As today's Wall Street Journal article, "Call to Brave for $100 Billion Rescue", says, the plan is welcome but the details need to be worked out.