By: Matthew Arndt, CFA, CPA, CFP | January 28, 2010 | Investor Information, The Regulators
All those invested in Money Market Funds beware. In a nearly unanimous vote the SEC has made it legal for Money Market Funds to have the ability to suspend redemptions if they see fit. So as it stands if there were another financial meltdown, money market investors would NOT be able to withdraw their money if the Money Market Fund decides to exercise this right. Isn’t a Money Market Fund deposit suppose to be highly liquid investment comparable to a cash deposit? Wouldn’t this sort of rule impose significant hardship on investors who rely on their ability to redeem shares at a moment’s notice? Who in the hell are these guys at the SEC working to protect? Guys like Madoff? This is truly a head-scratcher!
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