From Bloomberg:
The Treasury will insure for a year holdings of publicly offered money-market funds that pay a fee to participate in the program. Retail and institutional funds are eligible, the department said today in a statement.
``They're putting up a firewall,'' said Paul McCulley, managing director at Newport Beach, California-based Pacific Investment Management Co. ``It's the ultimate nightmare to have a run on the money markets -- that is truly the Armageddon outcome -- and they're not going to allow that to happen.''
``This came just in the nick of time,'' Peter Crane, president of Crane Data LLC in Westborough, Massachusetts, which tracks money-market funds, said in an interview. ``We were likely going to see more funds halt redemptions'' and break the buck.
Bolstering confidence in money funds is more important than the danger that the move will encourage funds to make riskier investments to boost yields.
``This has got moral written all over it, but as has been case throughout crisis, now is not tine to worry about moral hazard,'' he said.
Moral hazard, indeed. Plenty of time to worry about that in the future. Financial Armageddon has been re-scheduled to another date and time - check local listings.
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