Money market fundsters may want to take a look at this morning's Wall Street Journal. Jon Hilsenrath and Mary Pilon join other voices who are worried about what European financial woes (in Greece, Portugal or Spain, say) will mean for the U.S. money market mutual fund business, which has substantial assets invested in European banks who are exposed to the danger.

A mutual fund hearing in the U.S. House of Representatives' Financial Services Committee scheduled for Friday morning could address the issue. FOXBusiness previously reported on the news [see The MFWire, 6/20/2011].

The WSJ highlights more data on the issue, citing a Fitch Ratings report that says that half of all prime money funds' assets were in European banks at the end of May.

Insiders and others weighed in for the article. That list includes: Mercer Bullard, professor at the University of Mississippi School of Law, and president of Fund Democracy; Peter Crane, president of Crane Data; Representative David Schweikert (R-Arizona), who's on the Financial Services Commitee; and Paul Schott Stevens, chief of the ICI. 

Edited by: Neil Anderson, Managing Editor


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