Moody's issued a report Tuesday finding a widespread "Apocalypse Now" among money market funds in the days surrounding the September 2008 implosion of Reserve Funds' Primary Fund, which broke the buck at 97 cents on the dollar due to heavy exposure to Lehman Brothers paper.

The report says at least 36 of the 100 largest money market funds, issued by the 20 largest mutual fund complexes, were in danger of breaking the buck, were it not for their investment advisors' decision to spend $12 billion to absorb part of their fees.

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