Bloomberg writes "Paulson Backs Schapiro's Bid for SEC Rules on Money Market Funds". The article says, "Former Treasury Secretary Henry Paulson is backing U.S. Securities and Exchange Commission Chairman Mary Schapiro's effort to impose new rules on money- market funds. In a letter that the SEC published May 30 on its website, Paulson highlights excerpts of his 2010 book, "On the Brink," which provides his account of the financial crisis. Paulson's letter covered the period between Sept. 16 and Sept. 19, 2008 when Bank of New York Mellon Corp., BlackRock Inc. and Northern Trust Corp. reported requests for "billions in redemptions" from their money funds. Such requests exacerbated a credit crisis that began earlier that month, he wrote." The Bloomberg piece adds, "He encouraged Schapiro to use his letter to help bolster her argument that money-market funds should face tougher regulations. He did not immediately respond to an e-mail request for comment about the letter." "You should feel free to use this any way which helps you secure this important reform, including quoting from it, or sharing all or part of it with the press or members of Congress," Bloomberg says Paulson wrote in the letter dated Feb. 22."
