Re: understanding liability

"Mark Freeland" <BnetOnewsX@[EMAIL PROTECTED]
> writes:

> Yes, but the industry as a whole has such a strong impetus to prevent
losses 
> in MMFs (by paying out of their own pockets, if necessary), that the
fund 
> families are virtual insurers of the money market funds.

I have read that this is the one scenario in which Vanguard's
unique owner****p structure (Vanguard's funds basically collectively
own Vanguard) is a negative -- because of the structure, Vanguard
cannot kick in money to prevent a MMF from breaking a buck.

--
Rich Carreiro                            rlc-news@[EMAIL PROTECTED]
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