Bruce Bent, the inventor of the money market fund, has criticised the “flagrant abuse” of the concept – which he introduced in 1970 – that has come to light in recent weeks.
Mr Bent, who established the world’s first money market fund, the Reserve Fund, says the original idea behind the fund is being ignored. For the complete story:
http://www.ft.com/cms/s/0/99f1b44c-4f55-11dc-b485-0000779fd2ac.html
