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Link of the Day
more links »"Money-Fund Chorus: We're Not Raters"
Today's Wall Street Journal writes "Money-Fund Chorus: We're Not Raters", which discusses the strong opposition to removing the ratings requirements from 2a-7. See our previous coverage on the topic: "SEC to Propose Removing Ratings Agency Requirements of Rule 2a-7 (6/24/08)," "SEC Proposes 'Alternate Path' to Reduce Ratings Reliance in Rule 2a-7 (6/25/08)," "Vanguard Strongly Opposes Eliminating Credit Ratings From Rule 2a-7 (8/18/08)," and "Fund Boards Against SEC Proposal to Remove NRSROs From Rule 2a-7."
"Money market funds get last laugh" says Contra Costa Times
"Money market funds get last laugh" says The Contra Costa Times. "Money market funds are nothing more than mutual funds that invest in short-term corporate debt or notes. Assuming that you have a true money market fund, there is essentially no risk. Shares always sell for $1.00 each and the rule in the industry is to never 'break the buck.' In a few unlikely cases where some securities actually lost value within a few months, the issuing investment company ponied up the difference to protect its reputation. There IS a risk for anyone who let themselves be talked into something that was represented as a money market fund, but that turned out to be something else -- like the auction-rate securities investments that have triggered lawsuits," says the article. See also, "Maine treasurer outlines Merrill Lynch agreement," which discusses Mainsail II.
SEC Announces Successor to EDGAR Database: IDEA
Recently, the Securities & Exchange Commission announced plans for a successor to its EDGAR database. The new Interactive Data Electronic Applications (IDEA) will "give investors faster and easier access to key financial information about public companies and mutual funds," said `SEC Chairman Christopher Cox at a recent press conference (see video here). "The SEC has formally proposed requiring U.S. companies to provide financial information using interactive data beginning as early as next year, and separately has proposed requiring mutual funds to submit their public filings using interactive data," says the release.