The SEC on Friday January 29, 2010 created new rules for money market funds.
Since all of the money you think of as cash, that is not parked in your wallet or on deposit at your local bank is invested in a money market fund, you need to be on to this.
The more cynical, shrill and possibly realistic assessment provided by R.E. McMaster follows. The McMaster quote links to a GLG analysis of the rule having to do with "Breaking the Buck".
Thanks to the SEC, US money market funds can now suspend redemptions if they so please. Good luck to investors who have their hard earned funds in money market accounts when the next financial meltdown hits. Excuse me, but whose money is it?
And yes, my observant friend, the sky blue font at the top is suggestive of my thoughts on this item.
At the risk of becoming redundant.