Money-market fund companies obtained permission to support 155 of their funds during the financial turmoil of 2007 and 2008, and six more funds got the same go- ahead since the crisis, according to a list provided to Congress by the U.S. Securities and Exchange Commission.
Bank of New York Mellon Corp., Morgan Stanley and Charles Schwab Corp. are among companies that lined up the ability to bail out funds to guard against credit defaults or market illiquidity, according to the SEC's list, a copy of which was obtained by Bloomberg News. Northern Trust Corp., American International Group Inc. and Pioneer Investments bought troubled securities out of their funds in 2010 and 2011 after the SEC passed new rules to make funds more stable.
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