That’s the question lots of folks are asking as they try to figure out how to potentially make money from the billions of dollars in IOUs being sent out by California this month.
The New York Times has a nice piece on SEC musings on money market reform given the run on this $3.7 trillion market after Lehman Brothers’ spectacular failure. It’s about time considering how vulnerable these funds became to market excesses during the boom. But it doesn’t look like the proposed reforms go far enough considering that most people park their money there so they can get it out quickly if needed.
R. Allen Stanford’s indictment for his role in masterminding the second-largest Ponzi scheme ever was never in doubt, after the Securities and Exchange Commission charged him with civil fraud in February. But that’s not stopping the SEC and federal prosecutors from holding a Texas-sized shindig to trumpet their big get.