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"The Treasury Department and Federal Reserve took steps Friday to help
stabilize the U.S. money market fund industry .... The Treasury said
it would guarantee up to $50 billion dollars for the next year for
both retail and institutional investors."
The full story is at http://money.cnn.com/2008/09/19/markets/money_markets/index.htm
Am I the only one here, or this a new low in moral hazard? I'm gonna
set up a new government-guaranteed money market fund that will buy up
all the asset-backed crap circling the drain out there. My new
government partner and I are guaranteeing a 12% yield. Who's with me?
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