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Crane 100 Money Fund Index
Bloomberg writes "Federated's Donahue Brings Passion to Money-Fund Battle"
. The article comments, "Christopher Donahue, chief executive officer of Federated Investors Inc. (FII), is sticking up for the family business when he defends money-market funds
. Donahue, whose family-
controlled firm has three-
fourths of its assets in the cash-
like products, is the most outspoken opponent of an effort to impose new regulations on the $
6 trillion industry. Donahue, who refers to the funds as "
the eighth wonder of the world," called one of the proposals "
totally brain dead" in an interview.... Donahue's lobbying campaign, aided by allies in the mutual-fund business and in Congress, may defeat a lineup of regulators pushing for change in the wake of a 2008 fund collapse that sent clients fleeing from the industry
. Securities and Exchange Commission
Chairman Mary Schapiro
, who along with Treasury
Secretary Timothy F. Geithner
and former Federal Reserve
Chairman Paul Volcker
has championed rules to make funds safer, can count on only one backer as her five-member agency prepares to vote on the proposals as early as this month
. The fact that Schapiro has yet to bring the matter to a showdown is telling, said John Hawke
, a Washington lawyer who represents Federated."