No Comments on Money Funds at ICI
The opening afternoon of the Investment Company Institute's 2014 General Membership Meeting kicked off at the Washington Hilton yesterday, but the agenda contained nary a mention of money market mutual funds. The "Welcome and Opening Remarks were given by Charles Schwab Investment Management's Marie Chandoha and the ` President's Address <b:>`_ was given by ICI's Paul Schott Stevens. This was followed by the "GMM Policy Forum," which featured BlackRock Chairman & CEO Larry Fink, who engaged "in a far-reaching discussion about global financial markets and key public policy issues" with ICI's Paul Stevens. We didn't catch any discussions on money market funds, but there were some interesting comments. Stevens, who spoke on the FSOC and SIFIs, quoted Alan Greenspan on the 2008 financial crisis, saying that it was not the toxic securities, but the leverage which caused the problems. He also berated "proponents of the myth of flighty investors". Fink said, "The Federal Reserve is creating more problems [than it's solving] in 2014." He told the audience, "We need to get back to basics, and focus on outcomes and objectives." He also urged the audience to keep studying. The SEC's Mary Jo White will address the audience on Thursday a.m., so watch for our coverage later Thursday or Friday.
