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In news sure to thrill money market fund managers and investors, Bloomberg writes "Schapiro SEC Reign Nears End With Rescue Mission Not Done"
. The article says, "What Mary Schapiro considered her most important task had just run aground, a symbol of the aspirations and missed opportunities of her tenure as head of the U.S. Securities and Exchange Commission
. Schapiro worked for two years on a plan to head off what she calls the "
terrifying" prospect of a run on money-
market mutual funds like one that forced a U.
S. rescue in 2008. After fellow commissioners refused to follow her lead, she teared up as she worked on a statement accusing opponents of having their heads "
in the sand," two people involved in the process said.... She has told friends that the late nights and almost constant policy battles have left her exhausted and eager to depart after the November election.... For Schapiro, her legacy was meant to include money-market funds
. While her proposal collapsed in the face of industry opposition and her inability to persuade her fellow commissioners, she said she still considers the process "
a big success" because it raised public awareness that is helping to revive the push for new rules.... Some dissenting commissioners took her comments personally, further straining relations
. Gallagher, for instance, read the statement in a news story while taking a train home. He called Schapiro from his mobile phone, blasting her for not warning him, according to a person familiar with the matter who spoke on condition of anonymity because the talk was private."