The U.K.'s Independent rants, "Money market funds are still an accident waiting to happen". The piece says, "So farewell then Sheila Bair. America's most ferocious regulator says she will step down when her term as chairman of the Federal Deposit Insurance Corporation (FDIC) ends in July, robbing government of one of the few people who still seemed keen on radical reform of finance in the wake of the credit crisis. As if she wanted to demonstrate why she will be so missed, Ms Bair was on typical bold form this week, attacking the powerful money market fund industry and demanding sweeping changes. The $2.7 trillion industry is based on a 'myth', she said, and a dangerous myth at that. She is right. If the banks and fund managers ranged against her succeed in killing real reform, it will be a scandal. Money market funds are hot money masquerading as safe money, and there is nothing so dangerous as something that looks safe and turns out not to be. The run on the money market funds in the days after Lehman Brothers collapsed is the most under-appreciated aspect of the 2008 crisis."
