​ Money Fund Inventor Bruce Bent Tells CNBC "​No Third Shoe to Drop". Bruce Bent, the founder and chairman of The Reserve and creator of the first money market mutual fund, appeared on CNBC (​see video here) this morning to defend money funds and discuss structured investment vehicles, or SIVs. Money funds were described by anchor Mark Haines as "a way for the little guy to enjoy safety and security ... dollar for dollar safe" while sharing in institutional money market yields. Bent told the business news network that money funds' mandate is, "Safety of principal, instant liquidity, and a reasonable rate of return.... It should bore you to sleep." When asked whether money fund managers did stay on the right side of their "​Rule 2a-​7" quality, safety and maturity regulatory guidelines, Bent said that he thought they did. "​What we have is not a credit problem, but is a liquidity problem," he explained. When asked if the bad news for money funds is already out, Bent said, "I think any of the money funds that had [​these problems] have already brought it to the fore.... I would very much be surprised if a third shoe dropped."

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