One venerable MMF, the Reserve Primary Fund, was in 2008 in the unenviable position of having bet unwisely on the solvency of Lehman Brothers.
Reserve Primary, launched in 1970, was the country's first money-market fund.
Investors have been exiting money funds since 2008, in part because of the Reserve Primary panic and in part because returns have plummeted along with short-term interest rates.
"It's not about what the government should have done to somebody else, " said Mr. Galvin, who is seeking restitution and fines from the Bents on behalf of Massachusetts investors in Reserve Primary.
Earlier this year America's Federal Reserve notified primary dealers that they would have to bid in auctions for a share of issuance that was in proportion to their size and number.
The illusion that these will be safe in a panic vanished when the Primary Reserve Fund seized up after it broke the buck.
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Under this structure from 1879 to 1913, gold served as both the primary reserve asset for central banks and the means of settling international payments deficits.
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Implementing a federal reserve for American primary borrowers would cut out the middleman and make buying in America more affordable and based on true growth, not inflation from Wall Street.
Move forward with restoring our community health centers, provide resources for the prevention and public health fund, establish the Ready Reserve Corps, and rebuild our primary care system.
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We will also see if Bernanke fully appreciates that the primary task of the Federal Reserve is to preserve and keep stable the intrinsic value of the dollar.
The Bank Panic of 1907 is considered the primary catalyst in the creation of the Federal Reserve System.
The primary source of blame lies with the Federal Reserve private bank.
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Cheap money from the U.S. Federal Reserve redistributed value from the rest of the economy to primary dealers within the financial industry.
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Interest rates should be under the control of the Federal Reserve, and there needs to be a standard for primary residences in America.
AIG, with 33, 000 employees, was said to have sought an emergency loan from the Federal Reserve, though it is not a bank or a primary dealer.
The markets assumed since then that with access to the U.S. Federal Reserve's emergency lending window, none of the other primary dealers, including Lehman, would falter.
No, in the opinion of THE CONTRARIAN TAKE , Federal Reserve asset monetization programs, like QE II, will remain of primary import for the foreseeable future.
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Upon assessing the Bear Stearns' situation, the Federal Reserve decided to take the very important and consequential action of authorizing the Federal Reserve Bank of New York to institute a temporary program for providing liquidity to primary dealers.
The Federal Reserve was obliging rule-based behavior that probably included making the price of gold a primary determinant in monetary policy.
The Federal Reserve has never suffered any losses in the course of its normal lending to banks and, now, to primary dealers.
In times of less turmoil, the central bank generally only deals with primary dealers, a group of 20 big banks and brokerage houses with which the New York Federal Reserve conducts its open-market operations, buying and selling government securities to guide the federal funds rate.
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