Mutual Fund Industry Battles Back Against Reform Efforts

"Only prime funds suffered runs on their assets and posed a systemic risk to the wider markets during the crisis," wrote Patricia Maleski, president of JPMorgan Mutual Funds, one of the world's largest MMF managers in the world overseeing $412 billion in fund assets, in a Jan. 14 letter. "Government and Treasury funds were a safe haven for investors leaving prime funds during the 2008 crisis, and government and Treasury debt enjoyed excellent liquidity across the spectrum."

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