A press release entitled, "Schwab Reports First Quarter Results" quotes CFO Joe Martinetto, "Short-​term rates finally stopped declining in late January/​early February and subsequently began to rise a bit, which helped our first quarter net interest margin reach 183 basis points, up slightly from the prior quarter.... The rate environment improvement occurred too late, however, to prevent money market fund fee waivers from reaching $​125 million in the first quarter." See also, a Reuters story on ABCNews.​com entitled, "​Pimco'​s McCulley Calls for Money Market Fund Reform", which says, "A top executive at the world'​s largest bond fund said on Thursday that money market mutual funds should not exist in their current form. Pacific Investment Management Co'​s (​PIMCO) Paul McCulley told a Levy Economics Institute conference that money market funds contributed directly to the instability of the financial system by acting as foundation for the shadow banking system. McCulley'​s remarks followed a similar call by former Federal Reserve Chairman Paul Volcker at the same conference."

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