The New York Times writes "Reserve Fund's Investors Still Await Their Cash", which says of Reserve's investors, "At least 400,000 people, and perhaps as many as a million, can't get access to their savings, a problem that has quietly persisted in spite of widely publicized federal efforts to restore confidence in money-fund investments." It adds, "And the Reserve Fund had seemed the least likely candidate for trouble, given its long and stable history -- its founder, the legendary Henry B. R. Brown, had invented money market funds. Initially, the company simply announced that it would delay redemptions from the Primary Fund for up to seven days, as allowed by law. Customers were somewhat reassured, but anyone trying to get additional information was met with busy phone lines and unanswered e-mail. The news occasionally posted on the fund's Web site got steadily worse."
