The Wall Street Journal editorializes in "A False Money-Fund 'Choice'". It comments, "Washington lobbyists can get pretty aggressive when trying to hold on to taxpayer subsidies. But this year's prize for chutzpah goes to Federated Investors, the big Pittsburgh-based mutual fund operator. It's arguing that large financial institutions should be able to stay on the federal gravy train as a matter of consumer "choice." The issue involves money-market mutual funds, financial products that were created by regulation and were rescued from a catastrophic run in 2008 by taxpayers. Thanks to Securities and Exchange Commission regulation, money funds have been allowed to report to customers a stable $1 per share value, even when the underlying assets are worth slightly less. This has allowed the funds to present themselves to investors as safe accounts akin to insured bank deposits. When this fiction was exposed in autumn 2008, and institutional customers began to flee, taxpayers were forced to provide a guarantee to the whole industry.... Federated's defense of the status quo has unfortunately beguiled rookie SEC Commissioner Michael Piwowar. The confused Republican has lately styled himself a consumer advocate for upholding the right of institutional investors to dine at the Beltway trough. Fortunately for taxpayers, a bipartisan SEC majority seems poised to ignore him."

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