Goldman Sachs Adopts a Money-Market Reform

Mary Schapiro, chairman of the U.S. Securities and Exchange Commission speaks at the Securities Industry and Financial Markets Association annual meeting in New York. Photograph by Peter Foley/Bloomberg

After the financial crisis, the money-market fund industry did everything in its power to convince investors and regulators that their products were not dangerous and did not need reform. By most accounts, the effort was successful: Mary Schapiro’s attempts to create more transparency in money-market pricing failed spectacularly and publicly.

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