"Managers of money funds may take the hit" writes LA Times
"Managers of money funds may take the hit" writes Saturday's LA Times. Tom Petruno says in his "Market Beat" column, "Now we're reminded that the free lunch concept extends to money market mutual funds.... Although there's no government guarantee on money funds, some fund management companies in recent months have demonstrated that there's an implicit guarantee against loss on the funds, even though the companies can't officially say as much." It quotes our Pete Crane, "Investors obviously believe they have nothing to fear in money funds. Assets have surged this year to record levels. That has given fund managers more breathing room to wait out the credit mess, Crane said." Look for more on current and historical bailouts in the pending November issue of Money Fund Intelligence.
