Regulation

Schwab will pay $118 million to settle the charges.

The Securities and Exchange Commission charged Charles Schwab with making misleading statements about its Schwab YieldPlus Fund. Schwab agreed to pay $118 million to settle the charges.

Four out of five organizations that currently include money market funds in their short-term investment portfolios would drop them if a floating net asset value were to become a reality, according to a survey by the Association for Financial Professionals.

The Independent Directors Council on Tuesday urged regulators to preserve the $1 net asset value of money market funds, saying a floating NAV would not reduce systemic risk in any meaningful way.

According to a survey, four in five corporations could drop money market funds from their portfolios if funds are required to shift to a floating net asset value reporting structure.

Matt Fink, former president of the ICI, comments in the latest edition of his book on how another financial crisis may one day be in the making.

As directors and officers of failed banks brace for FDIC lawsuits, an intense legal battle is developing over accessing files at their former institutions.

In 2008, Oxford University Press published the first history of mutual funds, THE RISE OF MUTUAL FUNDS: AN INSIDER’S VIEW, by Matthew P. Fink, former president of the Investment Company Institute. Oxford has just published a new paperback edition, updated to cover the 2008 financial crisis and its impact on mutual funds. The following is the Preface to the new edition.

From a psychic who couldn’t see the future to the car czar caught up in a pay-to-play hustle, this was the year in deception.

For the past two years, the FDIC has maintained a consistent crisis-response posture. But it will undoubtedly need to pivot in a new direction in 2011.