From MarketWatch: "Money funds struggled before Reserve fall: More than a dozen other funds needed rescue as credit crisis deepened." Excerpt:
When money market fund provider The Reserve announced on Sept. 16 that its flagship Primary Fund had "broken the buck" and was worth less than $1 a share, the shock was so great that within days investors had pulled more than $120 billion from money funds.Posted by B. Janell Grenier at October 4, 2008 01:46 PMBut what investors most likely didn't realize was that for the past year more than a dozen money funds have found themselves in similar situations, only to be rescued by their parent companies. . .
According to the SEC's Web site, there have been 18 requests in the past year to bail out troubled money market funds.