OT: How safe are money market funds?

[_Craig <craigbud@xxxxxxxxxxx>]

When I ask my brokers about money market funds, I get less than satisfying answers.  I ask them when I exit a position, where does my money go?  Where do they park my money?  They say I get credit earning interest in a money market fund.  When I ask more specific questions about this money market fund, they essentially say, "it's just a money market fund."

Given the ongoing rumblings about US financial health, I've become more curious about the true safety of these generic money market funds.  Sure we have the $500,000 SIPC, but when I ask for more details about their additional insurance that covers up to several millions per account, they say they don't have much information about it, if any.

I'm curious what people do here with their "parked" money.  Are you comfortable with what your brokers do with it on default?  Do they give you choices of funds (unlike my brokers), or do you do something more proactive, like trading treasuries?

Thanks.