Money market mutual funds make bets on risky securities

09/16/2010 | Wall Street Journal, The

Two years ago, the Reserve Primary fund "broke the buck," as the value of its holdings in Lehman Bros. debt fell. The Securities and Exchange Commission responded by adopting rules that limit the kinds of investments money market mutual funds can hold. Investors, analysts and industry insiders, however, said money funds are starting to venture into riskier securities, partly because of unintended consequences of the rules.

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