​ While browsing Reed Smith'​s "​Money Market Research and Compliance Page" (​yesterday'​s "​Link of the Day"), we ran into a perhaps timely 6-​page PDF, "​Events Requiring Action by a Money Market Fund". The brief explains what money funds must do in the event of a default or downgrade, actions which include dumping the security or taking action in the "​best interest of the fund and its shareholders". We don'​t expect bailouts, and certainly no breaking-​the-​buck, over the subprime implosion. But, as the safest and most liquid of securities, money funds must always be prepared.

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