CSPAN3 May 3, 2012
replaced banks. that's where our working capital is. and the threat to the money market mutual funds of those freezing out could be quite severe. it would be as severe as a banking crisis. and some of the proposed changes involved gating or restrictions on redemptions, which the university and the foundation community saw that we did not experience that at penn, but many institutions that did experience that, because some of the money market vehicles that foundations and endowments use were not protected during the financial crisis, and they faced an inability to access their cash. a...